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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 101.98, 102.63, 103.52

Key Support Levels: 100.71, 100.15, 99.33

Daily Chart:

The price on the higher time frame has been in an uptrend for some time and recently it broke a resistance level of 99.18 with good momentum. There was an attempt to break this level but the price was rejected and the upper trendline is broken which indicates a bullish bias.

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 between a range of 99.33 and 100.15 and then the upper range was broken. The pair has sustained above that and retested minor support of 100.71 before continuing the momentum.

Signal Idea:

Buy Stop Order @ 101.28

TP 1 @ 101.92

TP 2 @ 102.56

Stop Loss @ 100.64

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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