I'm already long on this since 82.360, there were posts made when price was at that level. But if not in the trade there is now an opportunity for a smaller trade. Price has retraced to a support level and if it rejects then longs can be entered up to the same target price as mentioned in previous posts of 84.571. SL just below support and 0.5 Fibonacci
This is breaking above a resistance level. Safest entry is to wait for a retrace that tests this level as a support then long to the target of the next high. Although it is still very bullish on MACD on 4HR and daily so this could easily continue to rise from here.
TP - 84.571
SL - 81.667
This is my analysis of CADJPY on the weekly, daily and H4 timeframes. In this analysis I explain why I think we could see a breakout to the upside on this pair to the upside and possibly reach 83.000.
Leave a comment if you agree, disagree or have any questions :)
- Multiple time frame confluence (bullish trend on each time frame in current swing).
- Break of pivotal zone and push above.
- Currently pushing bearish trend line on the monthly/weekly time frame.
If price breaks, closes above and retests this key trend line, I will be looking for long opportunities.
CAD/JPY is testing strong support level, it's likely to move upside from here.
Here is the Setup I am going with.
#164 CAD/JPY Buy Limit ♨️
TP 80.651 (28) —> 80.609 (23.9)
SL 80.271 (-10)
Good luck with this trade!