CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 107.50, 108.10, 108.50
Key Support Levels: 106.35, 105.93, 104.65
The price on the higher time frame has been showing a bullish trend for quite some time and recently it did a pullback. The pair bounce back from the support level of 101.88 and has sustained above that level which indicates trend continuation.
CAD/JPY Medium-Term Trend: Bullish
On the lower time frame, the pair is moving in the major trend’s direction. The price has broken a consolidation zone of 104.64 and 105.93 after ranging for some time. It has now also broken and retested a minor level of 106.35 before continuing the momentum.
Buy Stop Order @ 106.80
TP 1 @ 107.41
TP 2 @ 108.33
Stop Loss @ 106.19
Trade Safely 🙂