The CAD/JPY pair is trading at 107.70 at the time of writing. As you can see on the H1 chart, the rate increased within an ascending channel. Still, its failure to reach the channel’ upside line again and the 108.15 historical level signaled exhausted buyers.
Staying near the uptrend line indicates a breakdown and a potential new downwards movement. The former low of 107.61 represents a downside obstacle.
CAD/JPY Trading Conclusion!
Dropping below the 107.61 obstacle activates more declines. This is seen as a selling opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
CAD/JPY Buyers Still In The Game!
The CAD/JPY pair is trading at 107.70 at the time of writing. As you can see on the H1 chart, the rate increased within an ascending channel. Still, its failure to reach the channel’ upside line again and the 108.15 historical level signaled exhausted buyers.
Staying near the uptrend line indicates a breakdown and a potential new downwards movement. The former low of 107.61 represents a downside obstacle.
CAD/JPY Trading Conclusion!
Dropping below the 107.61 obstacle activates more declines. This is seen as a selling opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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