CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 91.207, 91.614, 91.935.
Key Support Levels: 90.657, 90.379, 90.135.
1-Hr Time Frame:
The price on the higher time frame succeeded to break the bearish trendline to the upside and in addition it broke a strong resistance level (now support) around the 90.650 JPY mark after finding buyers near the 50% Fibonacci retracement level. The price is expected to move upward in the same direction of the main trend.
CAD/JPY Medium-Term Trend: Bullish
5-Mins Time Frame:
On the lower time frame, the market succeeded to break the bearish trendline to the upside and posted a higher low. This shows that the market is clearly controlled by the buyers. A lower correction could be seen to the strong support before a new impulsive wave toward the target profits.
Buy Market Order @ 90.696
TP 1 @ 91.157
TP 2 @ 91.614
Stop Loss @ 90.468
Trade Safely 🙂