CAD/JPY buy signal: riding the trend continuation

September 26, 2023 10:48 PM AEST | By Invezz

CAD/JPY buy signal: riding the trend continuation — Image source: Invezz

CAD/JPY trading strategy

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

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.

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

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

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!

The post CAD/JPY buy signal: riding the trend continuation appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.