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CAD/JPY Potential Upward Movement

CAD/JPY Price Long-Term: Bullish

Key Resistance Levels: 84.80, 85.75, 86.80

Key Support Levels: 83.95, 83.23, 82.13

Daily Chart:

On the daily time frame, the price is in a clear upward movement by smashing all the daily resistances and posting higher highs and lows. A correction count has been seen to the daily support @ 83.95.

CAD/JPY Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the price managed to break the white trendline and stall near the strong support. Our expectation is a move upward to the 85.10 mark.

Signal Idea:

Buy Stop Order @ 84.26

TP 1 @ 85.07

TP 2 @ 85.75

Stop Loss @ 83.87

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.

One comment

  1. Great analysis, I have similar outlook on CADJPY seeing you analyzing it here gives me more confidence to take the Trade, big love..

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