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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.

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