CAD/JPY - Resistance Ahead

13 giu 2017

I've posted this 4 hour chart to show upcoming resistance to the CAD/JPY pair. Resistance reaches up to 83.70 on a weekly level and this pair has essentially been trading in range for the past 7 weeks. On a 4 hour chart, it looks like a zig-zag has formed into resistance - from a low of 80.86 to the high of 83.11. The four hour chart is closing bearish as I'm writing this.

14 giu 2017

Nota

CAD/JPY turned lower at the second resistance level at 83.60. Watch for support at the 21 EMA on the Daily chart - currently at 82.23.
I initially went short at 82.98 with a small position. I waited to see which resistance level held and shorted again, bringing my aggregate to 83.32.

I will wait and see if the pair reaches the Daily 21 EMA and the reaction of price at this level will either get me out of the trade or I'll add to my short position. 81.70 down to 81.16 looks like solid support on the Daily.

Good Trading!
KennTrade