CAD/JPY Technical Analysis

• CAD/JPY is bullish
• Retracement towards 88.6 has been completed
• Historical Sellers are waiting
• The price might go down

DAILY CHART CAD/JPY

• Descending Trend line
• The swing low
• The 88.6 zone where the price could turn
• Order block

The price is currently bullish. It has approached the important resistance. It was a previous breakout point where the new low has been printed out. We can still notice that the trend has been intact , but the price wants to push higher. 88.6 and the confluence of technical patterns suggest that bears haven’t given up on fighting and we could see the price lower. The target for the drop is 86.11. Watch for a renewed momentum if the price stays below the 88.6 – 88.02 level.