Going Long CADJPY as Pair Pulls Back to Support in Uptrend
A classic setup here, in which price is clearly in an uptrend -- market is establishing higher highs and is above the 50 SMA and the 200 EMA -- and has pulled back 50% from its recent swing low to swing high. This is a swing nice buying opportunity, as the 50% pullback coincides with support, and as yesterday's candle formed a long wick off this support -- suggesting buyers may be stepping in to defend the level. I'm set to go long at 94.75, with my stop at 941.4 and my target at 97.03. I'm risking 51 pips to gain 228, which gives me a reward/risk of 4.47.
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