CAD/JPY Short

24 thg 3, 2019

CJ has broken a major support level at 82.50 and closed Friday with a massive bearish candle showing an influx of sellers entering the market. Oil rejected $60/ barrel weighing down the CAD while the JPY had one of the strongest performing weeks in a long time. We've now set a new trend-changing Lower Low breaking structure, price action is below both moving averages, and the 20 looks set to cross under the 50 day SMA this week. I am looking for price to pull back a little to retest 82.50 as resistance, then head lower down to 80.50.