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Day three: our potential CAD/JPY trade

I looked at long CAD/JPY trades yesterday at 94.90, with a potential stop loss at 94.10, targeting a potential move to the 96 level. 

Japan
Source:Bloomberg

Following on from this yesterday, the trade seems to have got off onto a positive start and on a daily chart we saw a positive candle, with the pair initially pulling back to test the April 4 spike high, reversing and going on to convincingly break above the recent consolidation.

Price is still above the five-day average and although the pair is testing the upper Bollinger band, the trend is higher and thus it is likely to hug this upper band. 

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