by In this post, i will be discussing now news related to the currency pair CAD/JPY
We all know there is a rate cut of almost 150 basis points to increase the money flow in the market in the month of March and also seen serious economic impact
Let us discuss the CAD/JPY currency pair forecasting for the upcoming trading day
Checkout the graph below
In the above graph, triangle pattern has been formed
Currently it is trading at 76.799
Target for CAD/JPY is 77.088
Timeframe: 1 Day
Support Zone is 76.600
Risk Reward is Minimum 1:1
Lot Size: as per the requirement of trader
Checkout this calculator to know the profitability – https://hi.octafx.com/markets/profit-calculator/mt4/
Observations:
- It has formed a very strong pattern
- Trend is formed clearly on 30 min charts (Kindly note the above chart is 30 Minutes timeframe is only for 1-2 days so positions can be taken accordingly)
- Cross overs of moving averages on Higher timeframe of 1 Hour charts
- RSI Zone is in the range bound
Note: This Currency pair CAD/JPY has fallen from 77.720 to 76.020 in the last week when the global oil prices has crashed and domestic monetary policy actions like interest rate cuts helped to increase the short positions. So the above analysis and views may be restricted for only the timeframe mentioned and not to be considered as long term view
Conclusion:
Risk management is very important in trading Forex, one has to understand his risk apetite and chose the leverage option. When Risk reward is highly favourable to your, then it would be wise to chose the leverage. Currently the macro data is affected the currency pair which is causing high volatility
Comment the Currency Pair which you are holding along with the timeframe, I will post my view immediately because views will change based on timeframe – Day trader, Positional trader, Swing trader
