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 🙂