Wednesday market analysis: CAD/JPY

Hello traders,

how is everyone doing, and how did CPI go for you?

Wednesday is also filled with high impact news, but if there is any trade I am going to take during the Asian session, it has to be the CAD/JPY

1. CAD/JPY

The daily time frame confirms the potency of the key resistance zone, the 4-hour time frame also confirms how rugged the key resistance zone is. In addition if you plot the Fib levels, the 200 ma and resistance zone is within the Golden ratio… So, in my opinion there is no better setup in the market.

I am bearish on this one. All I will do is wait for the daily close just to confirm my bias before I join the sellers.

What say you?

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