FX.co ★ milaz | CAD/JPY

From my perspective, the CAD/JPY currency pair is currently demonstrating a clear upward trend, and the overall technical structure supports a bullish outlook. After reviewing the chart and key indicators, I see that buyers are firmly in control, making long positions more favorable, especially for intraday trading strategies. One of the main signals I rely on is the 120-period exponential moving average on the hourly timeframe. Right now, this moving average is positioned below the current price, which is an important indication of bullish momentum. When the price remains above this level, it typically reflects sustained buying pressure and suggests that the trend is likely to continue upward rather than reverse. This gives me more confidence in prioritizing buy opportunities over sell positions. In addition to that, the zig-zag indicator is also confirming the upward structure. The pattern of higher highs and higher lows is clearly visible, which is a classic sign of a strengthening bullish trend. Each new extreme point formed by the indicator is higher than the previous one, reinforcing the idea that the market is steadily progressing upward rather than consolidating or weakening. Another important confirmation comes from the hourly candle closing above the level of 116.50. For me, this level acts as a key reference point. A confirmed close above it signals that buyers are maintaining control and that the market is ready to push further upward. Because of this, I see 116.50 as a logical entry zone for long positions during intraday trading.

When planning trades, I prefer to structure them with clear targets and risk management levels. In this case, my first take-profit level would be around 116.90, where the price might encounter minor resistance or pause. If the bullish momentum continues, the second target would be near 117.30, which represents a more extended move in line with the current trend. On the risk side, I would set a stop-loss around 116.20, ensuring that potential losses are controlled if the market moves against my expectations. Although my primary focus is on buying, I also consider alternative scenarios. Selling could become relevant if the price breaks below 115.90 and consolidates under that level. Such a move would indicate a potential shift in market sentiment, suggesting that sellers are starting to take control. In that situation, I would look at 115.50 as a potential take-profit level for short positions, while maintaining a stop-loss at 116.20 to manage risk. In summary, the current market conditions for CAD/JPY strongly favor a bullish approach. The alignment of multiple indicators—the moving average, zig-zag structure, and key price levels—supports the idea of continued upward movement. For intraday trading, I find it more logical to focus on buying opportunities, while still remaining flexible and prepared to adjust if the market shows signs of reversing.