CAD JPY Technical Update For W/C 31st January 2012

CAD JPY Technical Update For W/C 31st January 2012

My last trade on this pair was a short entry in a very high probability set-up that did begin to play out quite well but unfortunately price reversed with some gusto so I abandoned the trade.

Despite the recent strength I still have no interest in the long side but thought it worth bringing to attention the current situation that does merit keeping an eye on.

4 hourly chart shows price has retraced to an area of support. I wont buy this support, but rather looking to wait for it to become resistance if it doesn’t hold and then moving out to the Daily/Weekly time frames to evaluate the potential for another swing short entry:

Zooming in even further we get the possible impression that support on the 5 minute time frame has already been violated:

It will be interesting to see what the next few sessions bring.

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