UPTREND CONFIRMATION ON CADJPY

Presently enjoying a 103pips run on our last speculation on this pair (see link below for reference purposes). The current structure emphasizes uptrend tendencies, see plan below;

Tendency: Temporary Uptrend ( Bullish )
Structure: Inverse Head & Shoulder
Observation: i. After a bearish impulse leg , Price falls to a low (Shoulder) and subsequently rises back to what is called the neckline.
ii. The price falls below the former low to form a Lower Low (Head) and then again rises back to the original base (neckline).
iii . Price drops a third time, but to a level approximate to the first (Shoulder), before rising back up to the base or neckline of the pattern again.
iv. Price above Moving Averages.
Trading Plan: BUY now or after correction with a potential TP @ 230pips and SL @ 80.500/79.500 zone.
Risk/Reward: 1/1.5
Potential Duration: 8 to 15 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space or channel for follow-up plan on lower time frames as price action is been monitored.


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