Currently, the currency pair CAD/JPY is approaching strong resistance. All Moving Averages are still parallel, which shows a downtrend. RSI is in overbought territory and diverges with the price. The STS_MA_Distance_Indicator shows 34 pips distance to 10 EMA. This gives us reason to expect that the price will make a downward movement from the current levels with a target - at least 10 EMA.
Because of these arguments, we loaded our STS_MA_Distance_Bot to open short positions if the STS_MA_Distance_Indicator shows 30 or more pips to 10 EMA on each next H4 candle. The target of all positions is a return of the price to 10 EMA.
This is the advantage of Algorithmic Trading and the use of Trading Robots. The Bot will play exactly our analysis, without us having to stand for hours in front of the monitor and wait for the conditions to match. It will also close the positions exactly when the price touches 10 EMA. Currently, the robot has an open short position.
Visit our Forex Signals section to receive real-time trades from our Trading Robots. Get your FREE Forex Signals Plan now and follow our Forex Trading Signals for 30 days absolutely free.