CAD/JPY - We reached a very strong bottom , time to go up?CAD/JPYOANDA:CADJPYDG55CapitalHi guys , we would be looking into CAD/JPY as our next trade, currently the market has reached a solid bottom around the 105 area. As of February 24, 2025, the CAD/JPY currency pair is exhibiting signs of potential bullish momentum. Recent technical analyses suggest that the pair may experience an upward movement in the near term. Technical Indicators Supporting a Bullish Outlook: Trendline Support and Demand Zone: On the 3-hour timeframe, CAD/JPY has retraced towards a demand zone at the base of a previous bullish breakout. This zone coincides with a 76% Fibonacci retracement level and is reinforced by a trendline support, indicating a potential bounce and continuation of the upward impulse. FBS Bullish Divergence Pattern: A bullish divergence pattern has been identified on the 30-minute chart, suggesting potential strengthening of CAD/JPY. As long as the price remains above the 106.86 level, there is potential for the pair to rise towards 107.09, with further targets at 107.50 and 107.85 if momentum persists. INSTAFOREX In summary, the combination of supportive technical indicators and chart patterns suggests a favorable outlook for CAD/JPY. Traders may consider looking for buying opportunities, with potential targets at 107.09, 107.50, and 107.85, while monitoring key support levels to manage risk effectively. Entry: 105.270 Target 107.800 SL: 104.200 R/R - 2.85!