With a combination of oil strongly selling off, dragging down oil producing countries currencies, along with the stock markets sliding giving increased buying pressure to the safe haven currencies, it seems like CAD/JPY short offers an ideal strong/weak trade combination.
Edit – Day chart day after posting analysis.
Technical analysis also supports this, with CAD/JPY wicking into support a few days ago but having rebroke that low in the fall over the last 24 hours.
This looks like a really good time to follow a simple “sell bounces” strategy on CAD/JPY.
I will be looking for initial entries at 83.70 – 83.75. Stops just behind 84. 83.20 minimum target area, but probably see how far it can run trailing stops.
Edit: Initial trade filled sell/profit level. Updated analysis here [https://www.reddit.com/r/Forex/comments/a7mz00/cadjpy_stongweak/ec48q56/](https://www.reddit.com/r/Forex/comments/a7mz00/cadjpy_stongweak/ec48q56/)
edit: well, no-one else seems to agree, but none-the-less, selling bounces is like shooting fish in a barrel. [https://imgur.com/a/K5F5EEO](https://imgur.com/a/K5F5EEO)
edit3: Okay, we turned right in the reversal zone of 83.70, we are now under 82.70 – 100 pips, couple nice RR trades. Winding it down now, only a few little position left in the market. [https://imgur.com/a/0diVVb0](https://imgur.com/a/0diVVb0)
edit3: Filled profit cluster. I’m out. My other positions in the market now are nominal. Wrapping it up now. [https://imgur.com/a/8W27LaX](https://imgur.com/a/8W27LaX)
Final edit: All out. 1:5 RR hit for my last trades. [https://imgur.com/a/AtMfnun](https://imgur.com/a/AtMfnun)
That is probably me for the year, unless something else really obvious comes up.
Cheeky little scalp long, this is uber oversold now and due a snap back. [https://imgur.com/a/ukI23lm](https://imgur.com/a/ukI23lm)
Market as still weak lol. I got stopped out a bit of this, hit targets on a bit. Entered retest of close to lows targeting my initial entry area – this will give me a net profitable position if we retest there and I can free-roll for a larger profit if the market puts in bigger correction. [https://imgur.com/a/KLtDSxx](https://imgur.com/a/KLtDSxx)