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CAD/JPY Potential Bearish Correction

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 91.42, 91.84, 92.60

Key Support Levels: 90.23, 89.48, 89.05

Daily Chart:

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

1-hour Chart:

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.

Signal Idea:

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 🙂

About Ali B.

Live Webinar Speaker & Derivatives (Forex, Commodities, and Indices) Analyst with the broad range of skills for evaluating financial data. Expert in investment trends, technical analysis, fundamental analysis, market sentiments, and trading psychology.

2 comments

  1. Another -1R to add to the list. I’m going to make youtube video on this scam. Signals are late and mainly loosers.

    • HI Jim, it’s not possible for free signals to be a scam, they are free.

      That being said, I was testing Ali’s analysis and will remove him based on your recommendation.

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