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CAD/JPY Potential Downward Movement

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 96.11, 97.32, 98.59

Key Support Levels: 94.50, 93.24, 92.65

Daily Chart:

The price on the higher time frame has been in a downtrend for the last few weeks and recently it broke a support level of 101.41 and sustained below that. It has now broken a minor level of 96.72 which shows signs of trend continuation.

CAD/JPY Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It recently broke a consolidation zone of 98.59 and 97.32 and sustained below that level. As of now the pair has broken and retested a minor level of 96.11 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 95.44

TP 1 @ 94.53

TP 2 @ 93.16

Stop Loss @ 96.35

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

One comment

  1. will we have to close this trade?

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