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CAD/JPY Potential Downward Movement

CAD/JPY Long-Term Trend: Bearish

Key Resistance Levels: 91.284, 91.673, 91.7000.

Key Support Levels: 90.350, 89.916, 89.458.

4-Hr Time Frame:

The price on the higher time frame managed to break the bullish channel formation to the downside and moved higher again. however, it failed to break the previous swing high and posted an engulfing bearish candlestick showing that the sellers took control of the market.

CAD/JPY Medium-Term Trend: Bearish

15-Mins Time Frame:

On the lower time frame, the price succeeded to break the ascending wedge pattern to the downside after reaching the level of the previous swing high. A reversal occurred and we are now in a bearish impulsive wave. We expect a higher correction before the new bearish impulsive wave unfold toward the target profits.

Sell Limit Order @ 91.278

TP 1 @ 90.421

TP 2 @ 89.916

Stop Loss @ 91.706

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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