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AzaraFx
Jun 18, 2020 11:20 PM

CADJPY LONG Long

Canadian Dollar/Japanese YenFXCM

Description

Price is at an important area of support on the weekly chart, I anticipate price to bounce off this area of support and head in an upwards trajectory for a bullish movement.

On the 4H chart we see that a new ascending channel can form and as such, I expect the pair to trade within this channel. Retest appears to have been completed.
A great potential swing trade setup with lots of pips for the taking.

Risk-reward ratio: 1:6.08

SL: 77.791 (-56 pip risk)
TP1: 79.553
TP2: 80.774
TP3: 81.754

It should be an interesting setup for the next week if it plays out accordingly.

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