We are attempting to make a break higher in reaction to a double positive whammy from decent jobs data out of Canada and some yo-yo action in Yen due to political wranglings in the US and the tax bill .
Always difficult to gauge where price is headed early on a Monday. The market has had time to digest things over the weekend and this will be one to watch during the US session again.
CADJPY seems to offer good risk reward for brave longs with a clear stop loss. I’ve taken a long in Asia at 88.61. If we have trouble navigating the Sunday highs I will close the trade – So just an intraday trade for now .
The trade has a chance as long as the 61.8% (green line) can act as a floor from here on out. This was the reason for my long trade and managed to position myself at the retest…. A closer view in the chart below showing an area (blue line) that could get another bounce if reached / or alternatively make me more interested in intraday shorts as we fall back into the range .
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