CAD/JPY Potential Downward Movement

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 111.507, 111.983, 115.105

Key Support Levels: 110.289, 109.505, 108.632

Daily Chart:

The price on the higher time frame has been in a downtrend recently after it tested a major resistance level of 115.105 and reversed the direction. The pair has continued to break a few support levels which suggests further trend continuation. 

CAD/JPY Medium-Term Trend: Bearish

Hourly Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It recently broke a support level of 111.507 and formed a supply zone. As of now the pair has broken a trendline and retested before continuing the momentum.

Signal Idea:

Sell Stop Order @ 110.986

TP @ 110.407

Stop Loss @ 111.616

Trade Safely 🙂