CADJPY Price Action Analysis – 16th July 2018
CADJPY has been Bullish on the H4 chart. The price has been obeying an up trending Trend line and kept making higher highs. Today the first H4 candle came out as an H4 Bullish Engulfing Candle. This means if we get an upside H1 breakout, then buying the pair would get us some green pips. Let us have a look at the H4 CADJPY chart.
The first H4 candle is a solid H4 Bullish Engulfing Candle. The second one came out as a Doji candle. This means the Bullish bias is intact. If the price goes upward and makes an H1 breakout at the level of 85.620, then the price would head towards the level of 86.330 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 85.620
- Stop Loss: 85.170
- Take Profit: 86.330
- 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
It seems that almost all the JPY pairs have been very active today. I assume that the JPY pairs would remain active in the rest of the day as well. Considering Monday, it is a very good start of the week. Holiday months are getting over. Thus, the market will start getting on its toes again. This is what we the retail traders have been waiting for. Let us hope that the market gets back to its usual pace with huge liquidity. That is what would get us more breakouts, more confirmation and more entries. So traders, get ready to get into action again.
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