CAD/JPY Daily Price Forecast – 26th March 2020
CADJPY produced two consecutive bullish daily candles. The H4 chart shows that the price has been having a bearish correction. A level of flipped support has been holding the price. If the level produces a bullish reversal candle, the buyers may go long above yesterday’s highest high. 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 H4 chart shows that the price has been heading towards the North with good bullish momentum. It had a rejection at the level of 78.360 and produced a bearish engulfing candle closing within the level of 77.535. The price reacted earlier at this level. Thus, it may work as a level of support and produce a bullish reversal candle. If it happens, the buyers may go long above the level of 78.360. Let us have a look at the summary of the trade…
- Buy Limit: 77.106
- Stop Loss: 76.190
- Take Profit: 78.396
The Forex market has been having less liquidity in recent times. Covid-19 may be the reason. Traders are advised to trade cautiously. Some pairs may make an abrupt massive move. It is best to trade with a smaller lot than the usual as far as intraday trading is concerned. Things have been crazy lately all over the world. The Forex market has been sluggish too. We do not know how long it remains like this. We can only hope that everything gets back to normal. The World moves at its own pace again. Wishing you all good health and all the luck.
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