CADJPY Price Action Analysis – 22nd Sept 2017
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CADJPY has been trapped within an uptrending channel. The price is right at a support level of that channel. Thus, it might be the time for the buyers to get ready to start buying the pair after a good bullish H4 signal. Let us have a look at the H4 CADJPY channel… Have a look at the H4 chart. The level of 90.615 has the potential to be a strong level of support since it is a mixed of horizontal and channel support. Now what buyers have to wait here for is a good bullish H4 candle to start buying the pair.
If the pair produces an H4 Bullish Engulfing Candle, then wait for a little correction on the H1 chart. Once there is an H1 Bullish candle is produced, and then buy the pair. Most probably, that H1 Bullish candle will be produced at 91.250. Let us have a look at the summary of the trade
- Buy Stop Order: 91.250
- Stop Loss Level: 90.615
- Take Profit: 92.315
- 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
There are some high impact news events about the CAD today at 12.30 GMT. Thus, it would be best if the buying signal comes after the news event. If the price makes the breakout during the news event, but takes too long to produce the signal, then we might as well not take the entry today since it is Friday today. Nevertheless, we might get another chance to take the entry on the next Monday.
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