CADJPY OUTLOOK ON DAILY CHART

TRADE I

Tendency: Temporary Uptrend ( Bullish )
Structure: The Three Drive Pattern forming
Observation: i. Looking at a potential completion of Three Higher Highs indicated on the chart as Drive 1, 2 and 3 with the possibility of a temporary reversal high.
ii. Confirmation of an approximate of 0.618 retracements on each drive.
iii. Price appears to run through a last correction move to Drive 3 as it retests support @ 81.500 zone.
iv. Price gaining momentum upwards from Moving Averages.
Trading plan: BUY with TP1 and TP2 (270pips) and SL @ 80.500/80.000 zone.
Risk/Reward: 1/2
Potential Duration: 5 to 10 days


TRADE II

Trading plan: SELL at the completion of 3 Drive pattern with a potential TP @ a .618 retracement level for a 360pips move and SL depends on level of reversal.

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

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


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