CAD is at some major resistance currently and expecting the YEN to follow Gold soon. We just completed a bearish bat and a false break of the trendline. I am short at 85.4. Expecting to see a lot of weakness. The target is open.
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I was stopped out, but managed to reenter at 85.8. Just one of them times where you get stopped, but the overall picture hasn't changed. Stocks are now at major resistance, which we should see sell off into new lows and CADJPY should follow suit.
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I am entering here again. Everything looks good., actually even better this time. Short from 86.7
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I am up 450 pips at the moment. We're still seeing significant YEN buying across the board and Canadian dollar weakness. I am still holding for now, but that could change at any moment.
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Closed for 418 pips. Reasons are because of such a big daily drop, medium term support, not a a significant spot to change my stop loss to yield the correct risk:reward, and finally because of CAD data out tomorrow. I will still look for spots to jump back into the JPY strength and also I am looking at a breakout in GBPCAD if further CAD weakness develops.
