CAD/JPY Long-Term Trend: Bearish
Key Resistance Levels: 91.284, 91.673, 91.7000.
Key Support Levels: 90.350, 89.916, 89.458.
4-Hr Time Frame:
The price on the higher time frame managed to break the bullish channel formation to the downside and moved higher again. however, it failed to break the previous swing high and posted an engulfing bearish candlestick showing that the sellers took control of the market.
CAD/JPY Medium-Term Trend: Bearish
15-Mins Time Frame:
On the lower time frame, the price succeeded to break the ascending wedge pattern to the downside after reaching the level of the previous swing high. A reversal occurred and we are now in a bearish impulsive wave. We expect a higher correction before the new bearish impulsive wave unfold toward the target profits.
Sell Limit Order @ 91.278
TP 1 @ 90.421
TP 2 @ 89.916
Stop Loss @ 91.706
Trade Safely 🙂