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Cadshort

CADJPY More Likely SHORTOur 4Hr chart shows a shallow downtrend since the start of August; since then the trend has been so shallow CADJPY has ultimately been consolidating. Looking for a breakut we will use our resistance as we are down-trending. Our Resistance line shows we are at the top testing our line for the 5th MAJOR time. With no avail to proceed past. We will use our 1000 Range chart to determine the direction of the break. Knowing each range bar is the same size we can determine whether a break to the top or bottom is more likely. The red range line shows the potential move to the downside which lines up exactly with the last large support bounce. The black range bar shows upside potential, the upside move would have to fight harder and break the trend in order to succeed. The odds favor a downside move to $79.152 after a rejection at the resistance. LNP Investments FX:CADJPY
Short
by tonyinvests
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