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CAD/JPY 4-Hour Timeframe Analysis
CAD/JPY 4-Hour Timeframe Analysis
Trend Analysis:
On the 4-hour chart, CAD/JPY is in a clear uptrend, breaking through previous minor resistance at 108.600, which has now become a major key support level. This is supported by the formation of a 4-bottom pattern, indicating increased buyer pressure. The price has tested this support level multiple times, signaling stronger support and the potential for a reversal to the upside. After breaking the resistance at 109.800, the price moved upward, but then began consolidating as large buyer orders were accumulated, suggesting a potential breakout.
Price Action Expectation:
Our objective is to wait for the price to form liquidity within the identified liquidity zone. If the price breaks above the minor resistance again, confirming continuation, we’ll enter a buy position. A break above 110.020 will signal further bullish momentum, and we will look for an opportunity to buy.
Fundamental Correlation:
CAD Unemployment Rate: Tomorrow’s Canadian Unemployment Rate is scheduled for release, with the previous data at 6.8% and the forecast at 6.9%.
Impact on CAD: If the data comes in worse than expected (e.g., a higher unemployment rate), this could weaken the CAD, potentially delaying the bullish setup or causing a retracement in the price.
Conversely, A stronger-than-expected result (below the forecast of 6.9%) could lead to CAD strength, reinforcing the bullish outlook for CAD/JPY. A lower unemployment rate signals a strong labor market, which could push the CAD higher as traders price in potential economic growth.
Trade Setup:
Trade Type: Buy Stop (Breakout Trade)
Entry: 110.020 (on confirmation of a break above resistance)
Stop Loss: 109.470 (below the support zone to allow for pullbacks)
Take Profit: 111.420 (next significant resistance level)
Conclusion:
CAD/JPY is showing strong bullish momentum after breaking the key resistance at 109.800. The current setup suggests that once liquidity is established and the price breaks above 110.020, there could be a continuation to the upside. The next target is 111.420, a significant resistance level. The upcoming CAD Unemployment Rate release is critical; if the data comes in stronger than expected, it could accelerate the bullish momentum, supporting our setup. However, a disappointing result could weaken the CAD and halt the upward movement.
Risk Management:
Maintain a disciplined approach with a 1:2 risk-to-reward ratio. Position sizes should align with your account equity. Monitor the CAD Unemployment Rate release and adjust your trade accordingly. It's crucial to be aware of any volatility following the data release, which could impact price movements.
Trend Analysis:
On the 4-hour chart, CAD/JPY is in a clear uptrend, breaking through previous minor resistance at 108.600, which has now become a major key support level. This is supported by the formation of a 4-bottom pattern, indicating increased buyer pressure. The price has tested this support level multiple times, signaling stronger support and the potential for a reversal to the upside. After breaking the resistance at 109.800, the price moved upward, but then began consolidating as large buyer orders were accumulated, suggesting a potential breakout.
Price Action Expectation:
Our objective is to wait for the price to form liquidity within the identified liquidity zone. If the price breaks above the minor resistance again, confirming continuation, we’ll enter a buy position. A break above 110.020 will signal further bullish momentum, and we will look for an opportunity to buy.
Fundamental Correlation:
CAD Unemployment Rate: Tomorrow’s Canadian Unemployment Rate is scheduled for release, with the previous data at 6.8% and the forecast at 6.9%.
Impact on CAD: If the data comes in worse than expected (e.g., a higher unemployment rate), this could weaken the CAD, potentially delaying the bullish setup or causing a retracement in the price.
Conversely, A stronger-than-expected result (below the forecast of 6.9%) could lead to CAD strength, reinforcing the bullish outlook for CAD/JPY. A lower unemployment rate signals a strong labor market, which could push the CAD higher as traders price in potential economic growth.
Trade Setup:
Trade Type: Buy Stop (Breakout Trade)
Entry: 110.020 (on confirmation of a break above resistance)
Stop Loss: 109.470 (below the support zone to allow for pullbacks)
Take Profit: 111.420 (next significant resistance level)
Conclusion:
CAD/JPY is showing strong bullish momentum after breaking the key resistance at 109.800. The current setup suggests that once liquidity is established and the price breaks above 110.020, there could be a continuation to the upside. The next target is 111.420, a significant resistance level. The upcoming CAD Unemployment Rate release is critical; if the data comes in stronger than expected, it could accelerate the bullish momentum, supporting our setup. However, a disappointing result could weaken the CAD and halt the upward movement.
Risk Management:
Maintain a disciplined approach with a 1:2 risk-to-reward ratio. Position sizes should align with your account equity. Monitor the CAD Unemployment Rate release and adjust your trade accordingly. It's crucial to be aware of any volatility following the data release, which could impact price movements.
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