forexTrdr CADJPY- CHASING THE SUPPORT CHANNEL
Morning traders,
Re entering our Canadian dollar Japanese Yen long trade as the bullish price pattern continues to play out. Last week we traded it up to our take profit 1 before cashing out and now we are looking to re enter at todays pull back level. As per our trading view chart we have an ascending channel which has been tested multiple times and should the support line hold we could be looking at a retest of prices around 84. This is around a 3x risk reward setup.
Additionally on the lower panels we had the RSI forming higher highs as the price point should lower lows- a bullish signal and why we entered the trade last week and continue to look to re enter today.
any questions just let us know
Re entering our Canadian dollar Japanese Yen long trade as the bullish price pattern continues to play out. Last week we traded it up to our take profit 1 before cashing out and now we are looking to re enter at todays pull back level. As per our trading view chart we have an ascending channel which has been tested multiple times and should the support line hold we could be looking at a retest of prices around 84. This is around a 3x risk reward setup.
Additionally on the lower panels we had the RSI forming higher highs as the price point should lower lows- a bullish signal and why we entered the trade last week and continue to look to re enter today.
any questions just let us know