Recently we have few currency pairs which move clearly from the point of view of the Only Highs and Lows strategy. I am talking primarily about Japanese yen pairs here, but the USDCAD pair is also worth attention.
Quotations of the following pairs with Japanese yen are in a short-term downward trend, as the highs and lows in the 4-hour chart are at lower and lower levels. In addition, a few of them have recently broken key areas of support, which may indicate a potential for continuation of declines.
Currently, you can look around for sell opportunities on corrections of declines impulses that abolish them in the range from 33 to 66%.
The previous charts showed a downward trend, while a reverse situation is now on the USDCAD pair. There are distinctive growth impulses here, as well as the short-term resistance at 1.2625 was broken.
If there is a correction of the last impulse, you will be able to look around for buy opportunities that would allow you to join the prevailing upward trend.