CADJPY Daily S/R| .382 Fibonacci| Local S/R| Price Action

Evening Traders,

Today’s analysis – CADJPY- trading towards Daily S/R where a rejection is probable,

Points to consider,
- Price Action Impulsive
- Daily S/R Resistance
- .382 Fibonacci Objective
- Oscillators Neutral
- Declining Volume

CADJPY’s immediate price action is trading towards key daily resistance, allowing us to have a bearish bias on the market.

The .382 Fibonacci is current objective, breaking this level will increase the probability of Local S/R being tested.

Both Oscillators are currently trading in their neutral, remaining in their bullish control zones is indicative of strength.

The current volume nodes are declining, an influx is highly probable when testing key trade locations.

Overall, in my opinion, CADJPY is a valid short with defined risk; price action is to be used upon discretion/ management.

Hope this analysis helps!

Thank you for following my work

And remember,

“Freedom from blind reactivity begins with self-awareness.”
― Yvan Byeajee,