CAD/JPY: Classic Confluence

Published 07/23/2013, 11:15 AM
CAD/JPY
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In the chart below, we see the following:
  1. Price retraces 50%+ from its recent leg up.
  2. Forms a long wick, hammer pattern upon finding support after this retracement.
  3. Support level hammer springs from is also a key Fib level and where the 50-SMA is.
<span class=CAD/JPY" width="931" height="660">

I was able to enter at 96.05. I'm targeting 98.22, so still got a good ways to go. In light of the big wick that has appeared, though, I may have a chance to safely move to breakeven soon enough.

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