Forex

CAD/JPY Proceeding With Type 3 Entry Short

December 18, 2017

2 min read

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Head of Trading

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CAD/JPY Proceeding With Type 3 Entry Short

The CAD/JPY reached the W H3 and formed a Type 2 reversal arrow exactly within the dynamic zone area. Zooming in to 5 min timeframe we have been able to spot a perfect 5m Type 3 breakout entry

CAD/JPY is inclined to go down and our entry was spotted exactly when the price broke 1 – 2 point on the 5-minute chart (top right corner). The trade setup was announced on our Telegram service as the price broke below the 87.64. In order to proceed further down the pair must proceed below W H1-L1 range and if we see a strong close below 87.30 targets are 87.02 and 86.77. Watch for further bearish momentum continuation as long as the pair makes lower lows.

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