Long

CADJPY H4 LONG PRICE ACTION FORECAST

With the price action in consolidation bouncing from a strong support level, not only in H4 but also against the Fibonacci level 50 from D1, we could expect a bullish breakout.

To capture this uptrend continuation, a long entry is placed as a buy-stop, with an E/L that allows enough buffer for price action to move with freedom.

Although the long setup is forecasted, a bearishness pressure is hovering the pair. MACD is showing a strong diminished bullish bias, that may bring the price action to break the consolidation area for a renewed bearish momentum.

Price in consolidation.

The order:
Type: buy-stop.
S/L: 65 pips - R:R | 1:2 -
T/P: aiming to previous high

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