This is my current analysis on CADJPY. We can see a strong, almost flat descending trendline partnered with a much shorter term descending resistance currently sat just above current price. I think that out of these two trendlines we are going to see more strength from the long term support and I am currently expecting price to rise through this downwards resistance and push up towards the higher resistance situated nearer the 83.4 price. It is fro this reason I will be looking for any long opportunities until we meet this price or somewhere nearby before we see any strong downwards movement. Currently I don't have any specific entry points, take profit or stop loss but If I decide to place this trade I will post an update with all specifics.
Trade active:
Trade was entered on the 15th of May at around 22:00 at price 81.445 after a small retracement candle following the price breakout. We have made some nice progression so far sitting about 35 pips up. Take profit set to 83.300 and stop loss moved entry point.
Trade active:
Trade continues. Experienced a small price drop on the 22nd but trend still seems strongly upward and I do expect a bounce back. Currently 35 pips up with stop loss moved to 81.600
Trade closed: stop reached:
Trade hit top after a downward spike. +15.5 pips