CADJPY produced a bullish engulfing candle yesterday. The H4 chart shows that the price after making a strong bullish move has been in consolidation. Upon finding its consolidation resistance, the price has produced a bearish engulfing candle. The pair is trading around a level, which may work as a level of support. If the level holds the price and produces a bullish reversal candle, the buyers may get an opportunity to go long in the pair later today. 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 made a strong bullish move from the level of 76.220. It headed towards the North and had a rejection at 76.900. The chart produced a bearish engulfing candle right at that level closing within 76.730. If the level of 76.730 holds the price and produces a bullish reversal candle, the buyers may go long above the level of 76.900. Let us have a look at the summary of the trade…
- Buy Stop: 76.939
- Stop Loss: 76.463
- Take Profit: 77.625
The daily chart shows that the price gets trapped within a symmetrical triangle on the daily chart. It may take 4/5 trading days to make a breakout and find a direction. Now, the H4 chart favors the buyers. However, the move may not continue. Thus, the buyers may consider closing the whole trade once it hits the target. The fact remains, traders may keep an eye on the pair to trade once it comes out from the range of symmetrical triangle.
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