Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Today’s morning technical idea is for CADJPY.
We have got a flag here, but as we can see in the H4 chart, moving averages are close to cross each other.
So I can guess that trend is down now.
Look at the one hour chart above and it’s clear that the pair is bouncing off the 50% of fibonacci now. Better idea is to wait for the price to reach 61.8 level at 82.00 and looking for short setups there.
though we can take some small slices of short setups there and now at 81.70, yet I like it to break the trendline and go short there.
In the other hand any closes beyond 82.60 would be a signal of bullish run.
Anyone who likes to go short here at 81.80, stop loss should be at 82.20 and first profit target is at 81.40.
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