USD/JPY analysis for May 15, 2019

USD/CAD has been trading upside. The price tes

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ted the level of 1.3492. We are expecting more upside on the USD/CAD.

According to the H4 time-frame, we found that there is the breakout of the bullish flag and the rejection of the 20EMA, which is sign for the potential upside continuation. There is also a new up momentum on the MACD oscillator, which is another sign of the potential strength. We placed Fibonacci expansion to find potential upside target. We got Fibonacci expansion 61.8% at the price of 1.3520. Watch for buying opportunities with the target at 1.3520.

Upward references are set:

Swing high – 1.3504

Fibonacci expansion 61.8% – 1.3520

Downward references are set:

Swing low – 1.3455

Major low – 1.3380

The material has been provided by InstaForex Company – www.instaforex.com