POTENTIAL REVERSAL | CADJPY

In as much as we are having downtrend overview on this pair (see link below for the last speculation on this pair), A counter-trend possibility we can take advantage of is building up. See plan below

Tendency: Temporary Uptrend ( Bullish )
Structure: The Three Drive Pattern forming
Observation: i. Looking at a potential completion of Three Lower Lows indicated on the chart as Drive 1, 2 and 3 signalling a potential reversal is very high.
ii. Confirmation of an approximate of 0.618 retracements on each drive.
iii. Price appears to run through a last correction move to Drive 3.
iv. Price gaining momentum towards Moving Averages on lower time frames.
Trading plan: BUY now or at the completion of The Three Drive pattern with TP1 and TP2 (160pips) and SL @ 80.300/80.000 zone.
Risk/Reward: 1/3
Potential Duration: 5 to 10 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.


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