CADJPY has been having a strong bullish trend. In fact, the price has been heading towards the North for the last four trading days. There was a strong breakout yesterday and it might be the time for the price to come back at the breakout level and make a move towards the upside to make another breakout and offer a long entry. Let us have a look at the H4 CADJPY chart.
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As the chart shows, the price has been heading towards the north by producing some good shaped H4 candles. On its way, there was a consolidation and bullish move again. The level of 84.220 seems to be the level of resistance here which has to be broken to take a long entry. As things stand, the level of 83.835 may become the level of support. If that happens and it produces an H4 bullish engulfing candle followed by an H1 breakout at the resistance level which is 84.220, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 84.220
- Stop Loss: 83.835
- Take Profit: 84.800
Today’s beginning of the day seems to be very vibrant. I assume it would be a good day for H4, H1 traders. USDCAD, USDJPY and EURJPY look good as well. Keep your eyes on those pairs as well to get breakout and entries. First two weeks of February were not that good, but last two weeks of February may be handful for traders.
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