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CADJPY (Daily) LONG IDEA: Following the ASCENDING CHANNEL

Long
FX:CADJPY   Canadian Dollar / Japanese Yen
POTENTIAL PROFIT: UP TO 150 PIPS

TECHNICAL ANALYSIS:
-Since the beginning of May the price started a strong uptrend until it reached the resistance zone at about 81.708.
During that period, the price was following a low volatility channel and the momentum was slowly increasing, a clear sign of upcoming expansion.

-The main resistance rejected the price, and it started a small period of consolidation before trying again to reach and break the resistance zone .

-The price was rejected again and it bounced on the the main support level at about 78.209, starting a clear ascending channel , still keeping the price between the main resistance and support zone .

CONCLUSION:
The price is clearly following an ascending channel , bouncing constantly on the trendline support; The price is oversold and getting slowly more strenght, probably enought to reach one more time the resistance zone .
I actually have a long position with my take profit at 81.790, I'll probably move the TP if the price will break the resistance with a strong market and no sign of inversion.

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Trade Safe,
Gianni
Trade closed: target reached: We close this lovely trade with 110 pips!
Stay tuned for updates!

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