FXDAH
Long

CADJPY bounce off key support

OANDA:CADJPY   Canadian Dollar / Japanese Yen
Price has found decent support at this level numerous times and has obeyed it will, often catapulting it to the upside with minimal risk making for a very nice trade set-up here. I know the last daily close was strong bearish but nonetheless it obeyed the key support almost perfectly which is why I am happy to go long at market looking for an instant reversal to the upside off the support. This also makes for a nice trade as it's your ideal risk reward, if the support is broken I have a very tight SL as the analysis is void but I have my TP at the most recent high making for a 3:1 (fish) trade which I will always take! As well as hitting key support it also seems we have a double bottom having forming which is more good news ad incentive to get long!

Best of luck.

Comments

Note: this analysis was done on 6th May at market close, unsure why it's taken til Market close Friday to be published - but hey, decent looking trade and TP1 closed!
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