Breaking News

CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 90.77, 91.60, 92.92

Key Support Levels: 90.10, 89.24, 88.24

Daily Chart:

The price on the higher time frame has posted higher highs and lows showing that we are in a clear uptrend. The price managed to break the 90.10 USD resistance which is now a support level. A correction has been posted as well which could lead to a further movement to the upside.

CAD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the price is trading inside a bullish channel formation that reflects that we are in a middle of a correction. The price is heading toward an area of confluence which is made by a support, lower end of the channel and the 38.20% Fibonacci retracement level. This could lead to a move to the upside to the target profit.

Signal Idea:

Buy Limit Order @ 90.16

TP 1 @ 90.76

TP 2 @ 91.60

Stop Loss @ 89.96

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.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download My Free Robot

Get your Robot Now!

Free Robot!