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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 90.66, 91.09, 92.00

Key Support Levels: 90.24, 89.92, 89.74

Daily Chart:

The price on the higher time frame is in a clear upward movement where it is posting higher highs and lows. The pair formed a bullish channel pattern. The price succeeded to break it to the downside but failed to break the daily support around the 89.92 USD mark. This led a move to the upside in the same direction of the main trend.

CAD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the lower time frame, the price is trading inside a bullish channel formation. A lower correction might be seen toward the highlighted zone that represents the support, and then a move all the way up toward the target profit.

Signal Idea:

Buy Limit Order @ 90.25

TP 1 @ 90.65

TP 2 @ 91.09

Stop Loss @ 90.06

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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