CADJPY has been bearish on the daily chart for a long time. The pair although did not make that big a bearish move, but gradually it has been heading towards the South. On the H4 chart, the pair produced a bearish engulfing candle at a flip over resistance level. With that wave, the pair made another breakout towards the downside. It may be the time for consolidation. If the pair produces another bearish H4 engulfing candle from the breakout level, then sellers are going to push the price towards the downside by going short on the pair. Let us have a look at the H4 CADJPY chart.
This is another trade idea generated by the Elite Swing Trader.
The chart shows that the price made a breakout at the level of 81.890. This is where the price had a bounce earlier. After the breakout, it came up to the level of 81.650. It seems that the price has started having a consolidation from the level. Thus, if the breakout level is held and produces an H4 bearish engulfing candle during the consolidation, then sellers will make some green pips by going short on the pair. Let us have a look at the summary of the trade…
- Sell Order: 81.686
- Stop loss: 81.890
- Take Profit: 81.100
All JPY pairs look good. In fact, JPY as a single currency has shown strength against all other currencies. Matter of the fact is JPY pairs made breakouts on the H4 even on the Daily charts. Thus, it seems that JPY pairs are going to attract the traders be attached with them this month.
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