CADJPY has been bearish for the last two days. The H4 chart suggests that the price has been heading towards the South after producing a huge bearish engulfing candle at a strong level of resistance. However, the price seems to have found a level of support where it has started having a correction and it is near to a level which has the potential to be the level of resistance. This means it is time for the CADJPY sellers to get ready again to go short on the pair.
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As the chart shows that the massive H4 bearish engulfing candle set the bearish tone. The level of 83.675 has made the price produce a corrective candle so far. On the other hand, 83.995 is the level which seems to be held so far by the price. If this level produces an H4 bearish engulfing candle and we get an H1 breakout 83.675, then the price would head towards the level of 82.770 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 83.675
- Stop Loss: 83.995
- Take Profit: 82.770
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The first week of March, thus traders might have to wait more and get into action less. There were some good price movement on the intraday charts yesterday, but for the higher time frames’ traders, it was a quiet day. The price moved within a range on most of the pairs. Let us wait and see what it does today.
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