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Cadjpyshort

cadjpyCADJPY - SHORT Why are we entering? - Price broke the ascending trendline = bearish - Expecting further CAD weakness & JPY strength = CADJPY SHORT What are we waiting for to happen? - Waiting for the next pullback so we can draw WFB What is our confirmation? - rejection of structure and EMA - Waiting to draw WFB Entry Safe Entry: Rejection of structure and EMA and then WFB once correction appears Risk Entry 1: Rejection of structure and EMA Once entered, where will our Stoploss be? - above the rejected price (ideally above EMA ) Where do we take profits? - First TP: 88 - Second TP: 86
Short
by Elrouby
CADJPYThe Canadian dollar went back and forth over last week as we continue to hang about the ¥92 level. The market will follow oil, as it typically does over the longer term. For what it is worth, the oil market looks as if it is ready to go higher, so it will be interesting to see how this plays out. The Bank of Canada has also suggested during last week that an interest rate hike is coming much sooner than anticipated, and that could continue to favor the Loonie over the Japanese yen.
Short
by SmoothJB