Hello everyone, I hope everybody is OK.
My second post refers to the daily cadjpy chart.
Sometimes we have to take what the market provides us with knowing that there a better or worse trade setups.
On this chart I noted that the 55 day moving average is acting as a bullish level of dynamic support.
It is holding price now for five days. My opinion is that you could have a tight stop just below the MA at 84.450 and try to ride a bullish move.
The challenge will be for price to pass the resistance level of 86.650 to 88.550 which is just around the corner.
Nevertheless the risk reward criteria is there if the moving average manages to keep price over it and if a target might be at the area of 93.150.
If prices closes today below this moving average then the trade idea loses its validity.
Wishing you the BEST OF PIPS