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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: 89.93, 89.24, 88.24

Daily Chart:

The price on the daily time frame is in a clear uptrend where it posted higher highs and lows. It managed to break the daily resistance around the 89.93 USD mark with a big bullish candlestick. It formed a wedge pattern which shows that we are in a correction before a move upward in the same direction of the main trend.

CAD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hour time frame the price is trading inside a bullish flag where it coincides with a strong support and a 50% Fibonacci retracement level. This could lead to a movement to the upside toward the mentioned target profit.

Signal Idea:

Buy Market Order @ 90.19

TP 1 @ 90.50

TP 2 @ 90.77

Stop Loss @ 90.04

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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