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CAD/JPY Potential Upward Movement

CAD/JPY Price Long-Term: Bullish

Key Resistance Levels: 85.09, 86.20, 87.50

Key Support Levels: 83.75, 83.23, 82.13

Daily Chart:

On the daily time frame, the price is in an uptrend by posting higher highs and lows. The price managed to break the daily resistance @ 83.75 level, by posting a huge engulfing bullish candlestick and now re-tested the daily support by showing a correction count.

CAD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price was pushed to the upside by the buyers around the 61.8% Fibonacci level. It managed to break the channel formation to the upside and now it is trading around the 84.30 support.

Signal Idea:

Buy Market Order @ 84.34

TP 1 @ 85.08

TP 2 @ 86.20

Stop Loss @ 84.08

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.

One comment

  1. Hi Joe, I want to suggest that robotnarion will oost thectrade in Telegram in a format that can be copied: oair, buy/sell, entry, tp, sl
    The way that youblet people know about you suggestion takes a long time to transfirm it in a trade with clear consequences.
    Hope you can do this.
    Regards,
    Israel

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