CADJPY head and shoulders

Good Morning Dynamic Traders,

The CADJPY has enjoyed a short rally for a couple of days. On the 240 timeframe price has tagged a trendline and retracted back. The current candles show indications of a breather before a continuation up or a pullback. Price is making higher lows and MACD is making lower highs.














I have also included the 15 minute chart, not usually my preferred style of trading but it shows an interesting chart pattern. What I see is a possible head and shoulders formation. Whatever kind of trader you are, it is worth waiting for a BOB before entering the trade.

The Cable made around 550 points to the upside today, well done to those of you who are persisting and being able to capture some pips.

I will leave you with a question to ponder on until tomorrow..
What would you attempt to do if you knew you would not fail?

Happy Trading

Bijal Shah

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