The cross is approaching a trendline and has created a bearish Cypher pattern ( we can also see a shar pattern completed on 0.886% of XA leg reached by a spike of a H4 candle), in addition there is a clear hidden divergence in RSI. Japanise yen is still strong because Covid crisis has not finished yet and some counties like South Korea and China has registred new cases; if we look at COT we see that speculators are short in CANADIAN DOLLAR and long in JAPANESE YEN, they have increased their position during last week.
I suggest to open a sell trade using a good money management, if price breaks up the trendline close in loss.
Good trading
Francesco
I suggest to open a sell trade using a good money management, if price breaks up the trendline close in loss.
Good trading
Francesco
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