CAD/JPY: Buyers eyeing on the breakout level
|CAD/JPY has been bullish for the last two trading days. The H1 chart shows that the price has been bullish since the market started. It made a breakout at yesterday’s highest high. The price upon finding its resistance has been heading towards the breakout level to make a bearish correction. If the breakout level produces a bullish reversal candle, the buyers may get an opportunity to go long in the pair.
Chart 1 CAD/JPY H1 Chart
The chart shows that the price had a bounce at the level of 76.000. It produced a bullish candle having a long upper shadow but continued its move towards the North. The price had a rejection and consolidated around the level of 77.500. As of writing, the price has been heading towards the South. If the chart produces a bullish engulfing candle at the level of 76.940, the buyers may trigger a long entry above the level of 77.245.
Trade Summary
Entry: Buy above 77.245.
Stop Loss: Below 76.940.
Take Profit 1: 77.890.
Take Profit 2: 78.140.
Take Profit 3: 78.485.
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