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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 109.61, 110.28, 110.75

Key Support Levels: 108.72, 108.14, 107.47

Daily Chart:

The price on the higher time frame has been in an uptrend for some time. It has tested a support level at 101.88 several times and recently it has found another support at 107.31 level. The pair is continuing the move after testing this level.     

CAD/JPY Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It bounced after testing the support level of 107.47 and broke the resistance level of 108.37 The pair has now broken and retested another level of 108.72 before continuing the momentum.

Signal Idea:

Buy Stop Order @ 109.05

TP 1 @ 109.47

TP 2 @ 110.31

Stop Loss @ 108.63

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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