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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 107.23, 107.67, 107.98

Key Support Levels: 106.40, 105.77, 105.09

Daily Chart:

The price on the higher time frame has been in an uptrend for some time and recently it did a pullback. The pair has found support at the 103.25 level and bounced back after testing this area. It has broken the resistance level of 106.03 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 has broken a resistance level of 105.77 after consolidating for some time. It has now also broken and retested a minor level of 106.40 before continuing the momentum.

Signal Idea:

Buy Limit Order @ 106.74

TP 1 @ 107.14

TP 2 @ 107.94

Stop Loss @ 106.34

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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