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CADJPY Price Action Analysis – 12th July 2017

CADJPY has been on solid bullish trend on the H4 and the Daily chart. The pair seems to have found its resistance at a level from where the price has been having correction. However, by looking at the chart, the price suggests that it has found its support as well. Thus, an upside breakout would offer a buy entry for the CADJPY traders. Let us have a look at the H4 CADJPY chart…

As we see on the chart that the price had a rejection from the level of 88.750. Then, the price has been having downward correction. The level of 87.750, which could be a flip over support if the level is held. So far, the price already has shown some reaction at that level as well. Now, let us wait for a breakout at 88.750 from this level. Summary of the trade…

• Buy Limit Order: 88.750
• Stop Loss Level: 87.750
• Take Profit Target: 89.750
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Today’s breakout level has been a strong level of resistance where a significant number of H4 candles were produced. Thus, the price might go towards the level first and then have some correction on the intraday charts before making the breakout. Either way, we must wait for the breakout and that has to be with a good looking bullish H4 candle. However, it would be better if the breakout takes place after the price making some correction on the charts such as 15M, 30M. Since the breakout level is strong, thus the bullish momentum after the breakout would be strong as well.

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We hope that you enjoy our Free Forex Trading Signal today: CADJPY Price Action Analysis – 12th July 2017 [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]