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