CAD/JPY Analysis, Chart, and Trading Idea as of 03/02/2023

Analytics for CAD/JPY Forex pair, based on complex analysis of modified waves, Fibonacci levels and price channels

The pair is traded in the whereabouts of the lower trend border. The descending wave structures are truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.

Trading idea:

Buy at the formation of the ascending wave structure, when the (A) wave breaches the sloping channel of the descending truncated structure;

Stop Loss: under the local minimum of the descending structure (96.340);

Target price levels: 97.200, 97.850.