CADJPY - great opportunity to buy!
The circled area has fulfilled these criteria:
1. Nice confluence of support and trendline,
2. 200EMA support,
3. bullish engulfing candle,
4. MACD shows weak sign of the bearish trend
Currently, the short-term downtrend in 1 hr has broke upwards and the price moves into a correction pattern. Also, the price currently approaching the middle band of BB which can potentially act as a support zone. provided Thus, it is a very great opportunity to buy on this pair.
1. Nice confluence of support and trendline,
2. 200EMA support,
3. bullish engulfing candle,
4. MACD shows weak sign of the bearish trend
Currently, the short-term downtrend in 1 hr has broke upwards and the price moves into a correction pattern. Also, the price currently approaching the middle band of BB which can potentially act as a support zone. provided Thus, it is a very great opportunity to buy on this pair.
Trade closed: stop reached