BabyPips.com FX-Men Team
BabyPips.com
CAD/JPY: 1-hour
If you’re in the mood for a simple trend play, then you might like this channel play on CAD/JPY’s 1-hour forex chart. The pair has been trending lower inside a descending channel and is currently testing the resistance near the 92.00 major psychological mark. If this area continues to keep gains in check, a move towards the channel support around 90.50 to 91.00 might be in order. Stochastic is pointing down anyway, which means that sellers are getting stronger, while the 100 SMA is below the 200 SMA. However, the moving averages appear to be holding as dynamic support levels for now, which means that an upside break past the channel resistance could still be possible. Better set your stop past the previous highs if you’re gonna short.
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