Important note on charts:

It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.

Trade Setup Disclaimer:

All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.

Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.

Potential Trade Setup: CADJPY Is Breaking Into Lower Ground With Free Space!

All charts I provide are of the Daily time frame unless stated otherwise. 

CADJPY

Trend: Very Bearish

Key Levels: Breaking key level of support 80.92 and further below next support at the 76.62 level.

Price Action Signal: Awaiting a retest of the broken key level for a price action signal

Chart Notes: The CADJPY has been in a bearish trend, with a second attempt at breaking the key level of support today.

With a strong bearish bias that remains intact, I will be watching this pair next week with some interest.

Potential Trade Idea:

I am considering selling this pair if price closes below the key level 80.92 and gives a test from below as a new resistance.

I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.