CADJPY ShortDaily Bias Bearish
Fundamental Analysis
CAD Bearish JPY Bullish
Price Action:
Price retrace back into Daily S/R Level. Price consolidated in the Daily S/R level. Price broke below H1 S/R level and H1 trendline and create a lower low. This has give an confirmation of bearish movement.
Confluence:
Higher TF (W/D/H4) - Daily S/R level retested and rejected
Lower TF (H1/M30/M15) - Rising wedge pattern and H&S pattern were formed, price broke below both pattern to create a lower low.
Set up: Short trade at H&S neckline (H1 SR level). SL above H&S swing high. TP Targeting next Daily swing low R:R 1:4.