Date: 12.12.2011 Time: 15:30 (GMT+0) rate: 75.77
Strategy: Short
4 Hour Chart
Strategy: Short
4 Hour Chart
The price looks closer than ever to breaking the 75.65 price level. It is possible to see the descending price structure and a breaking of the 75.65 will probably lead the price to further descending with first target at the 75.40 price level which is a 50% correction of the last uptrend (blue broken line). A break of this level will lead the price to the 75.00 price level (61.8% correction by Fibonacci retracement). Only a stop at this point and breaking the 76.25 price level will change this assumption.
You can see the charts below: CAD/JPY 4 Hour Chart by Real-Forex" width="400" height="400">