CADJPY BUY AnalysisBuy Analysis Overview:
1. Clear Bullish Market Structure
• The chart shows a series of higher highs and higher lows, confirming bullish momentum.
• Price has broken previous resistance levels and is now using them as support (e.g., zones around 105.000 – 105.260).
2. Retest of Previous Breakout Zone
• Price recently broke above a significant resistance (now turned support) around 105.200 – 105.300.
• It’s currently retesting that area — a bullish continuation pattern if it holds.
• The current consolidation just above the support zone is a healthy sign of buyers defending the level.
3. Support from Moving Averages
• Price is sitting above both the 50 EMA (blue) and 100 EMA (black), which are also sloping upward.
• These EMAs are acting as dynamic support, further strengthening the bullish outlook.
4. Entry from Demand Zone
• The small demand zone (light blue box) around 105.200 has been tapped multiple times without being broken — showing strong buying interest.
• Ideal spot for buy entries with minimal drawdown.
5. Clear Upside Target
• If the support holds, the next bullish target is around 106.500 – 107.250.
• The top green zone (~107.259) marks a logical take profit, based on historical supply and prior swing highs.
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Entry & Risk Plan:
• Entry Idea: Long around 105.200–105.300 zone (on confirmation of bullish candle or engulfing pattern)
• Stop Loss: Below 104.950 (beneath the demand zone to avoid fakeouts)
• Take Profit Zones:
• TP1: 106.500
• TP2: 107.250