CAD/JPY: Buyers eyeing on the breakout level

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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