If you look at the D1 chart level first, you can see that the current overall D1 chart level is a rising market biased towards consolidation. If you look at this rising support, you can see that every time the market came to the rising support in the past, the market rebounded from this support and returned to a high level. And if you look closely, the recent rally is a record high.
This gives us a reasonable reason to be bullish on the daily chart level of CAD/JPY.
From the one-hour level, we can wait for the market to fall back to the lower support area (around 1.25400) before considering entry.
In this way, we have less stop loss points and can get more profit margins.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.
