Waiting for a Lower High

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Updated: 29 January 2020

Good day traders! CAD/JPY broke below my lower channel line since my last update. The decline from the 17th of January high went straight down and possibly found support at a downward sloping pitchfork’s lower median line.

A corrective bounce into the 83.15 – 83.40 price zone where we have both the lower channel line and center median line located, would be an ideal place to look for a lower high and attempt a short.

If CAD/JPY makes it that high and reverses lower again, then price could test the lower median line again at 82.26 or even my lower red warning line at 81.37.

Bias: Bearish

Potential zone for a lower high: 83.15 – 83.40

Targets: 82.26 and 81.37

Until next time, happy and safe trading!

Richard Krugel