Timonrosso

TARGET CAD/JPY Reached at 106.00 - What's next?

Long
OANDA:CADJPY   Canadian Dollar / Japanese Yen
Ascending Triangle formed on CAD/JPY, price broke out and it was a slow consolidation move.
But then one week, we had strong buying and demand for the currency pair which shot it up to the Order Block.
We had other indicators confirming its upside including:
7>21
Price<200
RSI>50
The target at 106.00 hit and the price continued to move up.

I guess it's a market environment for trend and channel traders right now. And until there is a sideways consolidation, I'll wait for the next setup.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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