CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 103.93, 104.82, 105.79
Key Support Levels: 102.11, 101.56, 100.68
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
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.
Buy Stop Order @ 103.03
TP 1 @ 103.94
TP 2 @ 104.85
Stop Loss @ 102.12
Trade Safely 🙂