The CADJPY pair delivered us a very strong buy opportunity last time we made a buy call on it (December 22 2023, see chart below) :
Moving back to the 1D time-frame, the pair has been trading within a Channel Up pattern since the December 07 2023 Low. Currently on its 2nd Bullish Leg, the price has entered a Triangle consolidation, similar to the pattern of January - February.
So far the fractals appear to be quite identical as following a +3.34%, the price pulled-back to the 0.382 Fibonacci retracement level, which is at the moment holding. As long as it continues to do so, we expect a bullish break-out similar to February's towards the -0.382 Fib extension, hence our Target is 113.500.
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