Possible 1 to 4 ratio on long CADJPY

There could be an interesting opportunity with a possible 1 to 4 risk : reward ratio on a long CADJPY trade. While the pair is clearly ranging, price has bounced off resistance and printed a bullish engulfing candle. I will try to get a better entry betting on a retracement and aim for the other side of the range with a stop below recent low.

CADJPY

CADJPY

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