Let's take a look at CAD/JPY on 4H chart. We can see that price saw bullish price movement and broke key resistance. After breakthrough price vent higher, however this week price saw bears and now is back at old resistance line (now support). We are going to look for Long positions if we will see price bouncing of the new support line. It is important to mention that Stochastic shows us that price is overbought.
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Let us know what you think about this idea and don't be shy to leave a comment as we always try to reply to them :)
Don't forget to follow us here and like our ideas as it helps to grow our channel.
Good luck !
