CadJpy H1 Downside Bias

29 set 2020

Cadjpy has mostly been trending to the downside while recently channeling sideways. This retracement may be a good opportunity to continue selling. As indicated by the down pointing arrows, it can be seen that this level of support turned resistance has been holding strongly with price rejecting a third time. Further confluence for this sell bias is the 200 Ma acting as dynamic resistance. Based on these factors i will be looking for a potential short trade with stops just above structure and targets roughly 3 times the risk. This target level is based off of the previous impulse to the downside.