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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 92.500, 92.871, 93.022.

Key Support Levels: 92.113, 91.729, 91.500.

Daily Chart:

The price on the higher time frame found support around the 92.113 JPY mark where the retracement ended. We can see the higher lows and the long wicks to the downside showing that we are in the beginning of a new impulsive wave to the upside.

NZD/CAD Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the market posted a double bottom and reversed to move higher. We can see that the market is in a clear upward movement where higher highs and lows has been left. We expect further movement to the upside but before that a lower correction could be seen.

Signal Idea:

Buy Limit Order @ 92.002

TP 1 @ 92.425

TP 2 @ 92.871

Stop Loss @ 91.790

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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