CADJPY has been bullish on the H4 chart. In fact, the price has been obeying an up trending H4 channel. As things stand, the price has found a level of resistance where it had rejection twice. This means if we get a breakout at that level, then it will surely attract more buyers to push the price further up. Let us have a look at the H4 CADJPY chart.
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The chart clearly shows that the price has been heading towards the North. However, the level of 84.465 is the level where the price had a rejection twice. Without any doubt, this zone is a very strong zone of resistance. Thus, a breakout has to be a strong one too. Good thing is the price has started having a correction. The level of 84.135 is the level which might come into play and be the level of support. If that happens and it ends up producing an H4 bullish engulfing candle, then an H1 breakout at 84.465 would lead the price towards the level of 85.000. Let us have a look at the summary of the trade…
- Buy Stop Order: 84.465
- Stop Loss: 84.165
- Take Profit: 85.000
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Today’s breakout has to be a very strong breakout since the resistance zone is strong. We must make sure that the breakout candle looks good without having less or no spike at all. This breakout might be a decider for the pair whether it would go up or down for a month at least.
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