CAD/JPY (Daily Chart) - Bullish Trend Channel Long

Canadian Dollar/Japanese YenFXCM

Description

⋅ Oct 31, 2018 4:40 AM

This pair is now at the bottom of the bullish price channel, making it a low risk trade to go long now.

There is strong resistance near the top, but there is enough room for it to go up to make it a viable trade.

The most recent bar shows strong buying pressure, which is a good sign for entry.

Comments

ICmarkets

⋅ Oct 31, 2018 7:09 AM

Nice idea on CADJPY. We went for a shorter term for our set up. The 1st resistance that we have identified is at 86.69. It is a 61.8% Fibonacci extension , 50% Fibonacci retracement and a horizontal swing high resistance. Stochastic is approaching its resistance at 98.7% where a corresponding drop could occur. If a potential drop does occur, we may want to look at 85.83 support level. It is 0% Fibonacci retracement and a horizontal overlap support. Looking forward to see how things develop.

Please have a look at our idea and we would like to hear your thoughts

ICmarkets

⋅ Oct 31, 2018 7:12 AM

@ICmarkets, the support level is a 50% fibonacci retracement and a horizontal overlap support*