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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 105.42, 106.12, 106.89

Key Support Levels: 104.33, 103.79, 103.25

Daily Chart:

The price on the higher time frame has been in an uptrend for the last few months and it has formed a higher high pattern. The pair did a pullback and found support at the 99.27 level and bounced back from there. As of now the pair has tested another support level of 103.25 and continuing the trend.

CAD/JPY Medium-Term Trend: Bullish

15-Minute Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price has been in an uptrend and recently it consolidated for some time between a range of 104.33 and 104.65 and then the upper range has been broken and retested before continuing the momentum.

Signal Idea:

Buy Stop Order @ 104.82

TP 1 @ 105.36

TP 2 @ 106.44

Stop Loss @ 104.28

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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