CAD/JPY Shorts, before Longs

٦ نوفمبر ٢٠١٩

As you can see price has broken out of long term trend. After a lot of stalling at 80.000 we had our 1st impulsive bullish move to the 82.00 region, price then returned to 80.00 to re-test support where we rejected again(confirms bullish bias). Price is now moving in an upwards channel - an AB = CD pattern is in play which would confluence with; previous resistance(now support), 50% Fib retracement & bottom of the channel. I would personally wait for AB = CD to play out and look for longs as the risk to reward is greater.