CADJPY – SELL – 19th May 2021

CADJPY – SELL – 19th May 2021 (Closed)

UPDATED POSITION (21st May 2021)

We are back in on the CADJPY as the set-up is still valid, the current price action looks like a corrective rally, overlapping in nature, meaning price action should continue to the downside.

Trade Setup: SELL Market Execution, current price 90.07, stop loss 90.77 and take profit 88.30.

Stop loss: 70 pips

Take profit: 177 pips

 

19th May 2021

Good morning team,

This morning we are taking a look at the CADJPY as the pair has broken down from a rising channel with a number of key technicals suggesting a bearish reversal opportunity.

CADJPY – Weekly Charts

There is a bearish divergence on the weekly charts which has provided great shorting opportunities previously. The market price is also at a major supply zone or resistance zone.

CADJPY Daily Charts

The recent move above the negative trend line resistance is possibly a fake breakout.

CADJPY 1 Hour Charts

There has now been a breakdown from the rising channel formation suggesting further downside awaits.

Trade Setup: SELL Market Execution, current price 90.20, stop loss 90.95 and take profit left open with our first target zone at 88.30. 

Stop loss: 75 pips

Take profit target 1: 190 pips

Trade Setup
SELL - Market Execution

Entry
90.07

Take Profit
88.30

Stop Loss
90.77