Nice Descending Channel being respected on CAD/JPY R:R 1:4
Updated
Descending trend channel has been respected on the Daily timeframe on pair CAD/JPY, the R:R is solid at 1:4 so this is a trade I have entered on a technical basis.
Note
I will look to close out my position if the orange daily support line can not be broken, we are also currently sat at a 4H support zone, therefore I would advise awaiting a better entry point on a shorter time frame. I executed my entry on the previous wick using the 15m timeframe
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.