CADJPY has been Bullish on the H4 chart. The price has kept making higher highs. However, the buying pressure is not that strong. There is a strong level of Resistance nearby. If that level gets broken, then the price would head towards the North as far as the H4 chart is concerned. Let us have a look at the H4 CADJPY chart.
CADJPY Price Action Analysis – 24th August 2018
The level of 85.285 is the level of Resistance, which has been playing a key role on a number of occasions. The price had a rejection from the level yesterday as well. On the other hand, the level of 84.925 is the level of Support today. The current candle seems to be an Engulfing one after getting support from the level. If this ends up being an Engulfing candle and we get an H1 breakout at the level of 85.285, then the price would head towards the North with a good amount of buying pressure. Let us have a look at the summary of the trade…
- Entry- H1 breakout at 85.285
- Stop loss- Below 84.925
- Take profit-85.850
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
This week has been a quiet week. We have not had significant breakouts/moves on the major pairs. It seems that the pairs have had a corrective week. Apart from EURAUD, other pairs made their corrections. Overall, 2 weeks out of 3 have come out as excellent weeks in August for the traders. Let us hope that the next week comes out as a good week to finish August with a strong message.
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