CAD/JPY: double Bottom support pushing the price upside

EagleFX Team EagleFX

CAD/JPY has been bearish on the daily chart for the last three trading days. Yesterday’s daily candle came out as a bearish candle but it has a long lower spike. The H1 chart suggests that the price has a bounce at double bottom support and produces a bullish engulfing candle. If the price heads towards the North and makes a bullish breakout at a level of resistance, the buyers may go long on the pair and grab some green pips.

The chart shows that it made a bullish move earlier. It then came down at the same level and produced another bullish candle. If the price remains bullish and makes a breakout at the level of 83.620, the buyers may trigger a long entry.

Trade Summary

Entry: Buy above 83.620

Stop Loss: Below 83.380

Take Profit 1: 83.860

Take Profit 2: 83.980

Take Profit 3: 84.150

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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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