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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 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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