Last Friday, the currency pair CADJPY reached resistance level near 89.60. From there rebounded and moved to support at level 87.10 coinciding with the 20-period SMA which can be treated as dynamic support.
The short-term trend for the pair remains bullish, therefore it might be worth looking out for opportunities to go long. Reflection of this support is in fact a potentially good level if there would show a buy signal.
The search for buy signals can start on the 30 minutes chart. Below is outlined a potential scenario consistent with the strategy Only Highs or Lows. Particular attention should one pay here to the word potential, because of course correction of recent increases could be even deeper.
