CADJPY Trade Idea (4th March 2020)

Currency Pair: CADJPY
Timeframe: H1
Date/Time of Signal: 4th March 2020 / 1315hrs (SGT)

Review:

The U.S. Federal Open Market Committee announced an emergency interest rate cut of 0.50% on Tuesday,
may leave the Bank of Canada with little choice but to cut.
With the worsening condition of the coronavirus outbreak and the recent plunge in oil prices, the Canadian Dollar is likely to weaken against Yen.

Recently, CADJPY has been on a downtrend and has retested and unable to break through the Resistance level of 81.60.

Trade signaled to SELL CADJPY (Entry: 80.40) with 3 Take Profit (TP) Targets (TP1: 80.20, TP2: 80.00, TP3: 79.80) and Stop Loss (SL) at 80.70.