Cadjpy is currently sitting at an inflection point, 88.6 level. Which is critical for both the bulls and bear.
A bounce would validate a long term inverse H&S patterns being played out since 2015.
A break below the neckline of 88.6 would probably trap bulls in the 88.6 - 91 region. (Fakeout)
A long trade would yield an impressive R:R if the bullish case plays out. Whereas if its a bear case, its more prudent to wait for the 88.6 level to be taken out before going short.
A small trade has been entered at 88.7, with a stop loss of a closing candle below 88.6.
A bounce would validate a long term inverse H&S patterns being played out since 2015.
A break below the neckline of 88.6 would probably trap bulls in the 88.6 - 91 region. (Fakeout)
A long trade would yield an impressive R:R if the bullish case plays out. Whereas if its a bear case, its more prudent to wait for the 88.6 level to be taken out before going short.
A small trade has been entered at 88.7, with a stop loss of a closing candle below 88.6.