The CADJPY began the U.K. session moving higher before ranging for three hours going into the U.S. session overlap. Price attempted to push higher briefly, but was unable to close above its Asian high and formed three bearish hammer candles.
A short was taken risking 10 pips for a potential 57 pips to our daily target at 91.18. Price moved lower completing a mountain-like pattern just after the European close then began to retrace upward and closed our trade.
January has been a choppy month for trading and I will continue to post trades which resulted in greater than 20 pip moves. Thursday’s economic releases will be important for both the E.U. and U.S. Be careful trading around them.
Good luck with your trading!
