CADJPY is retesting a previously broken upside resistance
CADJPY has broken above the upside resistance of 81 and is pulling back for a retest. A break above this level is giving us a higher probability of long trade entries. A break below 80.60 is now required for the downside reversal. The overall medium-term is an uptrend and a new bounce of the 81 resistance turned upside support could lead to a continuation upside. Use the consolidation to build a long position and target 84.
Note – We are inclined to long trade entries with the stop loss below 80.50 on a bounce off the 80.50-81 support zone.
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