CADJPY LONGS FROM SUPPORT

17 thg 10, 2018

CADJPY has recently interacted with a key weekly support level of 85.60 with weekly 38.2 fib confluence and bounced breaking through a key trendline resistance. Technically this looks good for a long set up now we have created a higher high on the 4hr timeframe. Looking for price to retrace back into the 4hr highs around the 86.40 zone highlighted with the rectangle box. If we see bullish price action we can look for the long opportunities here.
Band of Canada are looking to hike interest rates and typically you will see a currency increase in value in the lead up to a rate hike.