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CAD/JPY Potential Upward Movement

CAD/JPY Long-Term Trend: Bullish

Key Resistance Levels: 91.60, 92.75, 93.00

Key Support Levels: 90.85, 90.66, 89.92

Daily Chart:

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

4-hour Chart:

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.

Signal Idea:

Buy Limit Order @ 90.86

TP 1 @ 91.57

TP 2 @ 92.75

Stop Loss @ 90.50

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.

4 comments

  1. Hello Pat! Are these signals still valid? Thanks

    • Hello Calvin,

      if you are in our vip signals group we monitor our trading ideas all the time.

      So just wait for the instructions from our side and apply it in your trading account.

      Have a lovely day, and trade safely please.

  2. This triggered already?

    • Hello Tim,

      if you are in our vip signals group we monitor our trading ideas all the time.

      So just wait for the instructions from our side and apply it in your trading account.

      Have a lovely day, and trade safely please.

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