CADJPY Price Action Analysis – 14th May 2018
CADJPY was very Bullish on the H4 chart last week. However, the pair seems to have found a strong level of Resistance since it has produced a Double top on the H4 chart. Today’s first two H4 candles were Bullish corrective candles. The current candle, which seems to be a Bearish candle so far, if it comes out as an H4 Bearish Engulfing Candle, then the pair might offer us a short entry later today. Let us have a look at the H4 CADJPY chart.
After forming the Double Top, the level of 85.530 seems to be a strong level of Resistance. It has been held by two H4 candles. If the current candle comes down and makes a breakout at the level of 85.390, then selling the pair would get us some green pips. Let us have a look at the summary of the trade…
- Sell Stop Order: 85.390
- Stop Loss: 85.530
- Take Profit: 84.900
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
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