CADJPY - Continuation of bullish momentum?

PAIR IN FOCUS: CADJPY
ACTION: LONG
HORIZON: SHORT-TERM

This is a simple trend-continuation strategy. Price has retested a S/R level, which coincides with the 0.382 Fibonacci retracement level. Conservative traders may want to increase the SL to contain possible fake spikes down. This is a fairly good low risk long set-up for this pair.

If this trade hits SL, we can look for short opportunities.

If price gaps down strongly on opening day of trading, this set-up will be invalid.

The TP level and Stop Loss are indicated on the chart. Remember to manage your risk!

Feel free to discuss and comment, Cheers!

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