This is a good time to buy CADJPY. The market went up 70 pips from last weeks close to form a bullish engulfing candle.
Price bounced off a previous swing-low from the 75.038 from the monthly time-frame.
You will observe multiple price rejections from this level if you take a look at the chart from the weekly time frame.
The bullish candle on the weekly is a good indicator that price is about moving up.
So, if you are into Forex Trading, here is my trade idea for this currency pair. Kindly manage your risk well to stomach a drawdown of 300 pips.
Stop loss: 73.500
Take profit Target: 84.000.
Risk to reward ratio: 1 : 2.5
Price bounced off a previous swing-low from the 75.038 from the monthly time-frame.
You will observe multiple price rejections from this level if you take a look at the chart from the weekly time frame.
The bullish candle on the weekly is a good indicator that price is about moving up.
So, if you are into Forex Trading, here is my trade idea for this currency pair. Kindly manage your risk well to stomach a drawdown of 300 pips.
Stop loss: 73.500
Take profit Target: 84.000.
Risk to reward ratio: 1 : 2.5
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