CAD/JPY Daily Price Forecast – 24th March 2020
CADJPY produced a bearish reversal candle on the daily chart yesterday. The price has been on consolidation on the H4 chart. A flipped level of resistance has already produced two Doji and a bearish engulfing candle. Thus, the sellers may get an opportunity to go short in the pair. Let us have a look at the H4 CADJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price upon finding its resistance at the level of 77.600, produced a bearish engulfing candle and made a strong bearish move. It found its support at the level of 75.925 and produced two bullish candles consecutively. The first candle came out as a bullish inside bar. The level of 76.725 has been working as a level of resistance, which has produced three bearish reversal candles. If the price heads towards the South and makes a breakout at the level of 75.925, the price may head towards the level of 74.410.
Let us have a look at the summary of the trade
- Sell Stop: 75.960
- Stop Loss: 77.014
- Take Profit: 74.266
Take the profit level in this trade setup is daily support. It is double bottom support too. Thus, the price may make a bullish reversal at the take profit level. The sellers may consider taking out the whole trade. However, if the level is breached by the daily chart, the price may remain bearish in the coming days. We are to wait for that breakout. Meanwhile, let us wait for a breakout at consolidation support.
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