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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 103.93, 104.82, 105.79

Key Support Levels: 102.11, 101.56, 100.68

Daily Chart:

The price on the higher time frame has been in a strong uptrend for the last few weeks. We see that the price faced small resistance at the 100.12 level and did a pullback but momentum in the Canadian dollar picked up recently and the pair is continuing the trend.

CAD/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price was trading in a small range between 101.74 and 102.50 and it succeeded in breaking the resistance level of 102.50. The pair have done a retest before picking up the momentum again. 

Signal Idea:

Buy Stop Order @ 103.03

TP 1 @ 103.94

TP 2 @ 104.85

Stop Loss @ 102.12

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.

15 comments

  1. The CAD/JPY Buy order from yesterday has not triggered. How long do we keep a pending order like this open?

  2. Hi, is the signal still active wait for it or have to delete it. Since cadjpy gone down.

  3. Hi Vipul, I recently joined the group and love your trading ideas. I wanted to ask you if you would advise any book to read for beginners. I recently started day trading forex.

    Thanks!

    • Hi Parth, Thank you for your words.
      If you’re a beginner “Trading in the zone” “Market wizards” “Trading for a living” and “The Ultimate Price Action Trading Guide” are some of the good ones. Also, there is a ton of free and quality content available on the FRN Youtube channel that you can explore.
      All the best.

  4. Hi, am new here and was just wondering, do you move SL to break even when TP1 hit (taking half off) and then let the rest run in the hope of hitting TP2?

  5. When do you start worrying about the persistent overbought condition in higher time frames?

    • Hello!
      We believe this pair can still give some good moves and strength will be confirmed if it breaks the 103 level hence the stop order. But no one can get it right 100% of the time that is why we maintain SL.
      Have a good day.

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