Samnzimande

CADJPY for Shorts?

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FX:CADJPY   Dólar Canadense/Iene Japonês
Head and shoulder that failed to outplay the odds, importantly though let's acknowledge that the head and shoulder is within our triangle which indicates the markets are slowly being compressed bearishly and that's just on the weekly timeframe. Shifting down to the daily timeframe, the bearish momentum of this market is easily seen, most traders would actually consider going long here but not for a long time, even if they consider going long now, I don't see convenient profit being made here. Just to put additional outlooks, the stochastic on the weekly timeframe is extremely overbought, daily it is just going to oversold which calmly tell me we are about to experience a small retracement going up before actually shorting it for a long period of time.

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