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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 87.61, 88.27, 89.00

Key Support Levels: 86.90, 86.62, 86.09

Daily Chart:

The price on the higher time frame was in a clear uptrend since it is trading inside a bullish channel formation. Recently, the price succeeded to post a lower correction to the lower end of the channel around the 86.62 USD mark. This move could lead to a move upward to the higher end of this channel.

CAD/JPY Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price was trading inside a bearish channel before managing to break to the upside. A correction might be seen before the move upward toward the 87.61 USD level.

Signal Idea:

Buy Limit Order @ 86.95

TP 1 @ 87.60

TP 2 @ 88.27

Stop Loss @ 86.74

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.

6 comments

  1. CAD/JPY

    Buy Limit @ 86.95
    TP1 @ 87.60 // TP2 @ 88.27

    Stop Loss @ 86.74

    Stop Loss hit.

  2. I am in 32 usd drawdown because of this signal .
    Kindly improve ur signals

  3. Rocco van der Veer

    is this signal right? Does not look like it is right? sl en tp the same sell fror less then buy?

  4. For the did you mean 87.74?

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