CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 87.37, 87.80, 88.08

Key Support Levels: 86.73, 86.10, 85.10

Daily Chart:

The asset on the daily time frame is in a clear upward movement by posting higher highs and lows. Recently, the price posted a correction by depreciating 2.27% in value. Our expectation now is a move upward from the current levels.

CAD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bullish channel where the price posted a slight correction to an area of confluence between the 61.80% Fibonacci retracement and a strong support. This could lead to a move upward to the 87.37 USD mark.

Signal Idea:

Buy Market Order @ 86.85

TP 1 @ 87.37

TP 2 @ 87.80

Stop Loss @ 86.62

Trade Safely 🙂