CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 89.036, 90.161, 90.500.
Key Support Levels: 87.982, 87.189, 87.000.
The price on the higher time frame managed to break the downward trend line to the upside after finding support around the 85.467 JPY mark. The market posted a hammer bar which led to a breakout of the daily resistance around the 87.982 JPY and this could lead to further movement to the upside.
CAD/JPY Medium-Term Trend: Bullish
On the lower time frame, the pair is traded above the daily resistance where big bullish bars has been posted signaling that the buyers are in control of the market. We have noticed a small range around this area where a big move to the upside could be seen most probably.
Buy Limit Order @ 88.029
TP 1 @ 89.008
TP 2 @ 90.161
Stop Loss @ 87.740
Trade Safely 🙂