CAD/JPY buy signal: riding the trend continuation

By:
on Sep 26, 2023
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  • CAD/JPY is making higher highs and will possibly continue so in the coming weeks
  • The trading signal provided should last 1 week with a potential upside of 6.51%
  • The price will remain calm as no high-impact news is due in 2-3 days.

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CAD/JPY trading strategy

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  • Buy/sell asset: Buy CAD/JPY
  • Entry price: 109.965
  • Stop loss: 109.452
  • Leverage: 3x
  • Take profit 1: 110.500
  • Take profit 2: 111.350
  • Take profit 3: 112.350
  • Timeframe: 1 week
  • Maximum profit: 6.51%
  • Maximum loss: 1.41%

CAD/JPY chart and technical analysis

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CAD/JPY is in a bullish trend and the price is making a pull-back after retesting a major daily resistance supply area of 110.500. The price will possibly retrace back to the 109.965 support level before going for new highs.

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Price has also formed a bullish head and shoulder pattern which signifies the continuation of the bullish trend.

The entry price has been set at 109.965 level because this level acts as a support level and right shoulder of the inverse head and shoulder pattern. The third confirmation is the 0.786 Fibonacci level around this level.

CAD/JPY fundamental analysis

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There is no high-impact news on the Canadian dollar and the Japanese yen this week. Price will remain relatively calm throughout this week.

The market was significantly volatile last and this week it will possibly remain less volatile.

Canadian dollar to Japanese yen trade idea takeaways

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  • CAD/JPY will possibly continue its bullish trend after making retracing back to the 109.965 support level.  
  • This trade has been sent after multiple confirmations.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio for this trade is 1:4.65.
  • Good luck!
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