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.
We wish you good luck and good profit for this trade idea. For more trade ideas, join the Price Action Society…
If you like our analysis and would like to receive 3 to 7 trade ideas per day, then
Click here to learn more about the Price Action Society.
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.
Other Analysis Today