Confluence factors in favour of a CADJPY move short:
1. Daily high test
2. Rejection of key 99.5 support/resistance level
3. Rejection of the 0.5 Fibonacci
4. Daily head and shoulders pattern
5. With the dominantly bearish downtrend
6. Possible head and shoulders pattern on hourly chart
At the time of writing, I am seeing a potential head and shoulders pattern forming on the 1 hour chart. If this does in fact play out, this could be a good opportunity to get short on this pair.
Personally, my shorter term target is the key 92.8 support/resistance level and my longer term target is the 90.5 level.
1. Daily high test
2. Rejection of key 99.5 support/resistance level
3. Rejection of the 0.5 Fibonacci
4. Daily head and shoulders pattern
5. With the dominantly bearish downtrend
6. Possible head and shoulders pattern on hourly chart
At the time of writing, I am seeing a potential head and shoulders pattern forming on the 1 hour chart. If this does in fact play out, this could be a good opportunity to get short on this pair.
Personally, my shorter term target is the key 92.8 support/resistance level and my longer term target is the 90.5 level.