FX.co ★ CAD/JPY: further growth activated

CAD/JPY New Uptrend!

The CAD/JPY pair registered a strong growth and now is trading at 108.07 at the time of writing. As you can see on the H1 chart, the price ignored the downtrend line and the former high of 107.80 which represented upside obstacles. Breaking above these levels announced very strong buyers.

Personally, I've drawn a new uptrend line which represents a downside obstacle. As long as it stays above it, the rate should approach and reach new highs.

CAD/JPY Trading Conclusion!

Passing above 107.80 was seen as a potential buying opportunity as the rate could hit new highs.