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CADJPY – Small Corrective Structure, Holding My Current Short | Jun 2
NOTE – I currently have active trades in the following instruments: CADJPY, TSLA, USDJPY, XAUEUR, NZDJPY, USDMXN, GBPUSD, CHFSEK, USDSGD, USDCAD, AUDUSD & VXZ (+ 2 vanilla FX options)
CADJPY – Small Corrective Structure In Large Balancing Zone (daily chart)
For this entire year, the CADJPY price action has been in a large balancing zone between 86.75 and the 80 handle. There was one false break back in late April for 4 days, but other than that, the pair has remained inside this large balancing zone.
For the month of May however, the pair has been in a smaller corrective structure between 85 and the 83 handle.
*Any guesses where I’m short this pair?
For now the ST support around 83 is still in play, however a break here would put pressure on 82 and 80. I’m bearish structurally ST, MT & LT. Only until we get a daily close above 87 on a daily closing basis would I change my ST & MT bearish bias.
Downside I’m expecting a move towards 80.36 in the MT.
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