CAD/JPY Potential Downward Movement

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 96.11, 97.32, 98.59

Key Support Levels: 94.50, 93.24, 92.65

Daily Chart:

The price on the higher time frame has been in a downtrend for the last few weeks and recently it broke a support level of 101.41 and sustained below that. It has now broken a minor level of 96.72 which shows signs of trend continuation.

CAD/JPY Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It recently broke a consolidation zone of 98.59 and 97.32 and sustained below that level. As of now the pair has broken and retested a minor level of 96.11 before continuing the momentum.

Signal Idea:

Sell Stop Order @ 95.44

TP 1 @ 94.53

TP 2 @ 93.16

Stop Loss @ 96.35

Trade Safely 🙂