CADJPY: New Trade Opportunities at Support
Canadian Dollar/Japanese Yen FX:CADJPY
The price reached the support zone at 78.00 level. In spite of a breakout below SMA200 and a solid trend reversal signal, the price can move back and continue the upside movement. For this, the price has to stay above the support. When the price moves above SMA200, it will be a possible buying opportunity with stop orders below 78.00 support and profit targets at 79.50 and 82.00 resistance.
If sellers have power, they will be able to break the support, and it will give us a possible selling opportunity. Stop orders must be placed above the local swing high and SMA200. Profit targets for sell trades should be 77.00 and 75.00 support levels.
Risk for all trades must be no more than 1-2% from the trading capital.
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This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov