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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 90.77, 91.60, 92.00

Key Support Levels: 89.69, 88.24, 87.00

Daily Chart:

The price on the higher time frame is posting higher highs and lows indicating that we are in a clear uptrend movement. After a huge rally a correction has been posted to the 89.24 USD mark, and we could see after it a move upward again.

CAD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the price is trading inside a bullish flag where the price found buyers around the 61.80% Fibonacci level. the price succeeded to break this flag to the upside, and we expect a further upside movement to our target profit.           

Signal Idea:

Buy Market Order @ 89.97

TP 1 @ 90.63

TP 2 @ 90.77

Stop Loss @ 89.69

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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