CAD/JPY Long-Term Trend: Bullish
Key Resistance Levels: 91.60, 92.75, 93.00
Key Support Levels: 90.85, 90.66, 89.92
The price on the higher time frame is trending to the upside by posting higher highs and lows. the price recently managed to break the 90.84 USD resistance (now support). The market is in a middle of a correction above this level where we expect further movement to the upside in the coming hours.
CAD/JPY Medium-Term Trend: Bullish
On the 4-hour time frame, the price found buyers around the 50% Fibonacci retracement level and entered inside an expanding wedge formation. A bullish engulfing pattern is seen near the support which might lead to a rally toward our target profit.
Buy Limit Order @ 90.86
TP 1 @ 91.57
TP 2 @ 92.75
Stop Loss @ 90.50
Trade Safely 🙂