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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 88.402, 89.043, 90.141.

Key Support Levels: 87.112, 86.550, 85.456.

Daily Chart:

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

4-Hour Chart:

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.

Signal Idea:

Buy Limit Order @ 87.159

TP 1 @ 88.384

TP 2 @ 89.043

Stop Loss @ 86.870

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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