CADJPY - A further melt?

PAIR IN FOCUS: CADJPY
ACTION: SHORT (AFTER RETEST AND REJECTION)
HORIZON: SHORT-TERM

After a successful short scalp, here is another set-up for CADJPY!

Price has broken down from the rising trend line. Now awaiting price to break down the S/R level, and from then we can look for a retrace, retest and rejection off the same level for another leg of bearish momentum. If price bounces right off this S/R level and climbs up, this set-up will be invalidated. Likewise, it is important to look for price action confirmation at the S/R level during the retest; a rocket through the S/R level will invalidate this set-up.

The TP levels have been indicated, plan your own Stop Loss. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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