Market

CADJPY – SWING-SELL BELOW @87 for FX:CADJPY by PeNuel2020

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POSSIBLE REASONS FOR SWING-SELLING CADJPY:

HEAD-AND-SHOULDERS PATTERN SPOTTED ON WK1/D1

KEY SUPPORT LEVEL (RED BOX) BROKEN AND RETESTED THIS WEEK AND REJECTED CURRENTLY

ANOTHER KEY SUPPORT LEVEL (NECKLINE) INCOMING AND COULD BE BROKEN (WITH VOLATILITY FOR THIS WEEK OR NEXT)
CANADIAN DOLLAR COULD WEAKEN ACROSS BOARD BASED ON UNFAVORABLE LOOMING FUNDAMENTAL OUTCOMES TO COME ( ESP . ON OIL )

YEN COULD ACT AS SAFE-HAVEN CURRENCY ON STRONGER DEMAND FOR THE NEXT COUPLE OF WEEKS – POSSIBLE RISK-OFF MOOD TO COME

More sell positions could be layered below @85. 40 if support (NECKLINE) is broken and retested well for confirmation

None of the above is certain as nothing is very certain in this market. But, ensure you follow your trading plan

and bear in mind the disclaimer below.

DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is strictly for

educational purposes only and they are my personal views on these assets. If anything goes south, I am not liable at all.

Also, know that Forex is a high risk and reward business. So, do not trade with borrowed money or the one you can

not afford to lose.

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