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CAD/JPY: Double Bottom may push the price towards the North


CAD/JPY has been bearish in the daily chart. The pair produced an inverted hammer last Friday. The candle closed within a level of support where the price had a bounce in the daily chart earlier. The H4 chart shows that the price had several bounces at the same level. It produced a bullish engulfing candle right at the level followed by another bullish candle. The buyers may wait for the price to consolidate and produce a bullish reversal candle to go long in the pair.

Chart 1 CAD/JPY H4 Chart

The chart shows that the price had several bounces at the level of 78.400. At the last bounce, it produced a bullish engulfing candle. The next candle came out as a bullish candle as well. As of writing, the price has been having a consolidation. If the current candle comes out as a bearish candle, and the next candle comes out as a bullish reversal candle, the buyers may go long above the level of 78.860.

Trade Summary:

Entry: Buy above 78.860

Stop Loss: Below 78.400

Take Profit 1: 79.600

Take Profit 2: 79.945

Take Profit 3: 80.360

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