CADJPY SELL LIMIT

CADJPY SELL LIMIT
SELL @ 101.000
Tp @ 99.000
Sl @ 101.620 ( Back above trendline)

Price has broken trendline and is currently in a downtrend and is retracing creating a bear flag pattern. ( . Expecting further CAD weakness soon ( see link below ) & possibly JPY strength after a retest of the support zone ( see JPY INDEX analysis in the group) which will push this to entry. If JPY INDEX doesn't retest the trendline and stays above the 50day EMA, then this will reverse at 100.500 but it will risky entering at that level as we may need a very big stop loss but price is currently being held down by the 50day EMA on the 2 hourly timeframe which it has been respecting.

Safest entry will be on the break of the RED trendline