CAD/JPY Upside Seems Over!
The CAD/JPY pair registered a strong downside movement and now it could develop a larger drop after passing below the uptrend line. From the technical point of view, the uptrend line represented a downside obstacle.
Dropping below it signaled that the upside movement could be over and that the price could develop a new downside movement. As long as it stays under the downtrend line, the CAD/JPY pair could approach and reach new lows.
CAD/JPY Trading Conclusion!
The currency pair is expected to drop deeper as long as it stays under the downtrend line and after falling below today's low of 97.69.
Relevance up to 06:00 2022-12-31 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
