CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 88.402, 89.043, 90.141.
Key Support Levels: 87.112, 86.550, 85.456.
The price on the higher time frame found support around the 85.456 USD before posting an engulfing bullish pattern and reversed higher. The price succeeded to break the 86.550 USD resistance (now support) and retrace to it. Further upside movement is expected in the coming hours.
CAD/JPY Medium-Term Trend: Bullish
On the lower time frame, the price formed a bullish head and shoulders where it succeeded to break its neckline. A lower correction could be seen to this area before a new impulsive wave to the upside toward the next key level.
Buy Limit Order @ 87.159
TP 1 @ 88.384
TP 2 @ 89.043
Stop Loss @ 86.870
Trade Safely 🙂