CAD/JPY Daily Price Forecast – 7th April 2020

CADJPY has been bullish on the daily chart. Yesterday’s daily candle came out as a bullish candle as well. The H4 chart shows that the price has been in consolidation. The level of consolidation support has already produced a bullish reversal candle. Thus, a breakout at yesterday’s highest high may push the price towards the North further. 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. The trend initiating candle came out as a strong bullish engulfing candle. This is an indication that the price may continue its bullish move until the daily chart produces a strong bearish reversal candle. The price had a rejection at the level of 77.535. The price has been in consolidation. The level of 77.035 has been working as a level of support, which has produced a bullish reversal candle. As of writing, the price has been heading towards the North. The buyers may trigger a long entry above the level of 77.535.

Trade Summary Below…

• Entry: Buy above 77.714
• Stop Loss: Below 77.251
• Take Profit: 78.358

In this trade setup, the Take Profit level is a daily resistance. Thus, the buyers may consider closing the whole trade at the take profit level. The price may make a bullish breakout at the take profit level. However, it would take time before making a breakout at that level. It may end up producing a bearish reversal as well. Thus, it would be best if the buyers cash out their whole profit and wait for the next move.

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