CADJPY has broken a trend line to confirm (for me) a likely hood of a retrace, after hitting a strong daily support/resistance area, just waiting on a pull back to enter the trade which i think will be 81.851-82.074 as it found previous resistance/support and is also upon the newly formed trend line
If this occurs i shall look for a reason to enter this trade with
SL-81.533
Below the trend line and low enough to be below the previous low on the hourly chart
TP- 82.818
On a small support which would create a double top so if hit i would move my SL to entry
TP2-83.482
Around the area which i see could be a potentially decision area to either short back to the daily support or continue long due to previous support/resistance, also it would be on a higher potential trend line as drawn on the chart
TP3-85
If the larger trend line is broken i see a chance for price to reach the next strong support/resistance area
As always any feedback would be widely appreciated:)
If this occurs i shall look for a reason to enter this trade with
SL-81.533
Below the trend line and low enough to be below the previous low on the hourly chart
TP- 82.818
On a small support which would create a double top so if hit i would move my SL to entry
TP2-83.482
Around the area which i see could be a potentially decision area to either short back to the daily support or continue long due to previous support/resistance, also it would be on a higher potential trend line as drawn on the chart
TP3-85
If the larger trend line is broken i see a chance for price to reach the next strong support/resistance area
As always any feedback would be widely appreciated:)
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