Trade Plan (Pending): I am buying CAD/JPY at 106.64

The four-hour chart highlights a confluence zone at 106.62-57. This is:
• bespoke support
• the 261.8% extension level is located at 106.57.
• a demand zone is located at 106.63
I am placing a trigger level at 106.64 to consider market spread.
The eight-hour chart highlights 106.62 as the completion of the AB leg in a cypher pattern known as a Bat formation. This highlights that the anticipated move higher is corrective.
Bespoke resistance is located at 107.82. This is also the top of the demand zone. My target level is set at 107.80.
With a stop placed at 106.28 (breaking the formation), we have a risk-reward factor of 3.2R.
I am buying CAD/JPY at 106.64
SL: 106.28
TP1: 107.80
Risk/Reward factor of 3.2(R)
#tradeplan #CAD/JPY