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CAD/JPY turned down

CAD/JPY turned down

Information is not investment advice

CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4. On the H1, the pair formed a lower high. The resulting pattern resembles a bearish “Head and Shoulders”. This allows expecting a short-term top and a retest of support line in the 75.30 area. The outlook for the pair will improve only if the price gets above 78.50.

Trade ideas for CAD/JPY

SELL 76.15; TP 75.30; SL 76.30  

CADJPYH1.png

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