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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 88.89, 89.35, 89.59

Key Support Levels: 88.08, 87.43, 87.00

Daily Chart:

The price on the higher time frame was rejected from the strong support level around the 88.00 USD mark where the pair managed to post a candlestick that closed above the 50% of the body of the previous bar. This shows that the buyers are in control of the market and a reversal is about to happen.

CAD/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price succeeded to break the bearish channel to the upside after posting higher lows. A lower correction could be seen to the 88.00 USD mark before an impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 88.09

TP 1 @ 88.89

TP 2 @ 89.35

Stop Loss @ 87.74

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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