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theforexarmy

CADJPY right on major support, prepare for the bounce

Long
Canadian Dollar / Japanese Yen (FX:CADJPY)  
theforexarmy  
FX:CADJPY   Canadian Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns CADJPY CAD jpy EUR GBP aud Forex Bitcoin (Cryptocurrency) forexsignals
3
0
trendanalysis harmonicpatterns chartpattern cadjpy cad jpy eur gbp aud forex bitcoin forexsignals
Buy above 84.38. Stop loss at 83.81. Take profit at 85.20.
Reason for the trading strategy (technically):
CADJPY is seeing strong support above 84.38 (Fibonacci retracement, horizontal overlap support, bullish divergence) and a strong bounce could occur at this level to push prices all the way up to our profit target level at 85.20 (Fibonacci retracement, horizontal overlap resistance).
RSI (55) sees strong bullish divergence vs price signalling that a bounce is impending.
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