After hitting resistance at the 84.50 area, CAD/JPY looks ready to retest the 83.85 zone. As you can see, it lines up with not only a 38.2% Fib retracement, but also a previous resistance area.
Are Loonie bulls waiting at the level? The pair is still 20 pips or so away from a retest, so you can still whip up a trading plan if you’re planning on taking advantage of this one.
If you believe that CAD/JPY will find enough support at 84.00 before going higher, then you can also buy at the first signs of bullish momentum. Think CAD/JPY is in for a deeper retracement? Watch how the pair reacts to them Fibs and be ready for other retracement opportunities!
Cable is confined in a descending triangle, yo! Not only that, but it’s also testing the big 1.3000 support that’s near a resistance level from late 2019.
Breakout traders can wait for the pair to trade below the 1.2965 zone and aim for a move back to the 1.2800 levels.
If you think that THIS descending triangle will result in an upside breakout instead, then you can watch out for a break above the trend line and aim for a retest of the 1.3200 and 1.3400 previous resistance levels instead.
Whichever bias you’re trading today, make sure you’re using your best risk management practices when you execute them trading plans!