BabyPips.com FX-Men Team
BabyPips.com
CAD/JPY: 1-hour
Here's a short and simple trend play on CAD/JPY. See, the pair hasn’t broken its rising channel pattern on the 1-hour chart. What makes the setup interesting is that it’s currently hovering just above a trend line AND 100 SMA support. Not only that, but a bullish divergence is also making itself known on the chart. A small long trade around current levels with stops below the SMAs could give you decent pips if you think the Loonie is in for more gains. On the other hand, a short trade just below the channel could make for a good breakout trade if you’re one of them Loonie bears or yen bulls.
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