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.
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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