CADJPY IDEA
As we can see, the chart seems to be doing a V-Shaped recovery towards the 200EMA.
If a candle closes above the 200EMA, we can consider to go a long position with a relatively tight stop loss.
Target 1 would be the red resistance line,
Target 2 would be the trend channel's resistance line.
If we see a price rejection candle at the 200EMA, we can consider a short position towards the major green area of support.
As always, it is best to make a decision after a confirmation.
Do let me know in the comments if i have made any mistakes, would appreciate any opportunity to learn and better myself. Thanks!
If a candle closes above the 200EMA, we can consider to go a long position with a relatively tight stop loss.
Target 1 would be the red resistance line,
Target 2 would be the trend channel's resistance line.
If we see a price rejection candle at the 200EMA, we can consider a short position towards the major green area of support.
As always, it is best to make a decision after a confirmation.
Do let me know in the comments if i have made any mistakes, would appreciate any opportunity to learn and better myself. Thanks!
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