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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 108.42, 109.52, 110.30

Key Support Levels: 107.10, 105.78, 104.62

Daily Chart:

The price on the higher time frame has been in an uptrend since the last few months. It recently did a pullback and found support at the 103.25 level and bounced back from there. The pair has broken a level of 105.93 and sustained above that which indicates bullis 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 has been trading in a range of 104.62 and 105.78 for some time and recently the upper range was broken. It has now broken and retested a minor level of 107.10  

Signal Idea:

Buy Stop Order @ 107.65

TP 1 @ 108.33

TP 2 @ 109.69

Stop Loss @ 106.97

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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