CAD/JPY Sell Limit opportunity at 80.14 for 1:2 risk/reward

CAD/JPY has broken structure to the downside in a bearish environment.
The bears will be looking for an entry from the prior support now potentially turned resistance.
The price is approaching the sell limit level at 80.14 for a target to downside structure and stop-loss above the recent retracement highs.

Ross J Burland FXStreet

Hourly chart

15-min chart

Update: Breakeven achieved

Depending on the broker. 80.14 may have not been seen and thus the sell limit should be cancelled as the price moves on to create a new low and structure.

If the sell limit was triggered, the good news is the trade is now offering a breakeven minimum as the stop should be moved to entry.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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