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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 91.75, 92.08, 92.96

Key Support Levels: 90.70, 90.29, 89.89

Daily Time-frame:

The price on the higher time frame has recently bounced back after touching a minor support point of 89.89 There was rejection wick from the downside and the price quickly broke a trendline to the upside. We expect the pair to maintain the bullish trend above the trendline.

CAD/JPY Medium-Term Trend: Bullish

1-Hour Time-frame:

On the lower time frame, the price has broken a consolidation zone to the upside and pulled back to retest the zone, this confirms the breakout. As of now, price is continuing in the major trend’s direction and there are protections from the downside at each horizontal line.   

Signal Idea:

Buy Stop Order @ 91.05

TP 1 @ 91.65

TP 2 @ 91.94

Stop Loss @ 90.75

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

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