Hi Traders! CADJPY range provides bullish opportunity for us. A detailed analysis of this buy setup is as follows:
CADJPY H1 Chart:
On the H1 chart the price is moving inside a range, this range is formed by the highs and lows reaching similar resistance and support zones. The price which is respecting these two zones so far has currently reached the bottom of this range. If we didn’t get a valid breakout below the bottom of the range, we may then expect the price to respect it and move higher again. We also have bullish divergence which we may consider as an evidence of bullish pressure. If the price moves higher and breaks above the high shown in the screenshot, we may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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