CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 91.42, 91.84, 92.60
Key Support Levels: 90.23, 89.48, 89.05
The CAD/JPY pair is trading at 90.802 level, and it’s looking to retrace back on the daily timeframe. On the daily chart, we can see the bullish engulfing pattern suggesting a strong bullish bias in the CAD/JPY. On the lower side, the CAD/JPY can go after an immediate support level of 90.50 and 90.25.
CAD/JPY Medium-Term Trend: Bearish
On the hourly timeframe, the CAD/JPY pair is crossing below 50 periods DEMA, along with the MACD as its value is holding below 0, both supporting strong odds of bearish trend continuation. Let’s take a sell trade at 90.798 level to target 90.480 and 90.34 level.
Sell Order @ 90.798
TP 1 @ 90.480
TP 2 @ 90.346
Stop Loss @ 91.077
Move your SL to Breakeven once trade is 20/25 pips away from Entry Price. Trade Safely 🙂