CAD/JPY represents a great long opportunity if you are willing to hold the position for a few weeks.
With a potential of 565 pips compared to a downside risk of 196 pips, the R-R-R is of nearly 3 (2.88).
Price action has been forming a very nice double bottom during the last two months. We should see pattern completion at around 93.67.
Stochastics (14,3,3) do not present any divergence with previous high and low so there is no restriction. In addition, RSI (14) is just crossing the 50 level, showing strength.
We have today crossed a trendline dating back to January 2nd and we have also crossed SMA20.
With BOJ still having the objective of devaluing their currency, this seems like a great buying opportunity.
There you go, happy trading!
With a potential of 565 pips compared to a downside risk of 196 pips, the R-R-R is of nearly 3 (2.88).
Price action has been forming a very nice double bottom during the last two months. We should see pattern completion at around 93.67.
Stochastics (14,3,3) do not present any divergence with previous high and low so there is no restriction. In addition, RSI (14) is just crossing the 50 level, showing strength.
We have today crossed a trendline dating back to January 2nd and we have also crossed SMA20.
With BOJ still having the objective of devaluing their currency, this seems like a great buying opportunity.
There you go, happy trading!