I don’t mean to suggest any trades today, before FOMC.
But this chart (below) looks like typical Short setup for me. So I cannot stop sharing this.
CADJPY has been dropping for almost 2 weeks, and we see the first major pullback now, touching 21EMA and seems to be rejected a little bit.
Stochastic is also turning down, though it is still above 75%.
If today were not FOMC day, I would definitely consider shorting this pair.
The trigger would be…
wait for Lower Low (and the break of DPP) on M15 chart. Then I would sell from the retest of DPP.
But… I am not recommending you to trade today, and I will not trade this.
I simply thuoght it may be a good practice for your analysis.
Hope this helps.
YJ Baik – Forex.Today @ Tokyo