Back on 8/15 We took a long position in the CADJPY with an average cost of 79.10. Along the way short termers took partial profits at 80.35 for 120 pips. We have traded back down and consolidated for the past week. We now sit at 79.40 with a 30 pip profit on 3 units.
The position has lost some momentum and if some want to book 30 pips on 1 unit then that is fine. We need to close above 79.50 at Tuesdays close or we will lose a lot of momentum on this trade.
The Daily KS has now moved up to 79.10 and we would like that to hold. Short termers can use a break of the level for an hour or 2 as a stop.
Ultimately 78.50 is the major pivot level. Long termers can use a break of this level for an hour or 2 as a stop.
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