See daily chart of CADJPY below for the discussion that follows.
CADJPY has been consolidating for a couple of weeks after it had a strong run that began some time in March. This past week it broke resistance (most recent highs) and it looks like it’s ready to start moving again. I will look to go long if it retraces back to support (prior resistance) and I see candles / price action as per my strategy.
EURJPY, CHFJPY and SGDJPY looks very similar.
I’m still very much cautious and selective trading in this environment. Trade safe out there.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.
Thanks and Regards,
Trading SOS SOS