• Vasily Trader

CADJPY: Breakout Trade Explained

CADJPY is testing a strong resistance area .

With lower time frame analysis and fib.retracements of the last two bearish impulses

I managed to identify the following potential reversal zone:

87.07 - 87.24

To catch a bearish move from that area,

follow a rising wedge pattern on 1H.

Its bearish breakout (at least 1H candle close below its support)

will be your trigger to short the market.

Initial goal will be 86.6

In case of a bullish violation of the yellow area,

setup will be invalid.