CADJPY has been on a recent uptrend. There is a recent break and close below the trendline and the horizontal support. I am looking for retest of that level for an opportunity to short. Stop loss is just above the swing high. The take profit target is set at the 78.6 Fibonacci retracement level of the upswing which is in confluence with a longer timeframe trend support and the completion of a bullish cypher. I will cancel the sell limit order if price goes to TP1 before getting triggered. Trade details are as follows:
Trade Setup: CRT
Price Entry 86.363
SL 87.037 | SL pips 67.4
TP1 85.306 | TP1 pips 105.7
RRR1 1.57
Trade Setup: CRT
Price Entry 86.363
SL 87.037 | SL pips 67.4
TP1 85.306 | TP1 pips 105.7
RRR1 1.57