CAD/JPY formed a “shooting star”

CAD/JPY formed a “shooting star”

2019-11-11 • Updated

Trade idea

SELL 81.20; TP 80.85; SL 81.35

CAD/JPY formed a “shooting star” candlestick on D1. This means that the pair will likely move down in line with the overall downtrend.

On H1 and H4, there’s a lower high. As a result, the decline below 81.20 (50% Fibo of the June 18 - June 20 advance) will open the way to 81.07 and 80.85. The outlook will remain negative as long as the pair is below 81.50.  

Notice that Canada will release retail sales figures at 15:30 MT time today. The forecasts are negative.

CADJPY 21.png

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