CADJPY Technical Analysis – Daily Timeframe
The CADJPY pair moved in an uptrend from 101.46 to around 105.90.
On August 15, the pair broke its ascending trendline, and on August 18 it retested the broken line before starting its bearish move.
⬇️ Currently, price is trading near 106.70, just above the 0.382 Fibonacci retracement at 106.00. With continued bearish pressure, further downside targets are expected at:
0.50 Fib around 105.15
0.61 Fib around 104.25
📌 Conclusion:
The short-term outlook remains bearish as long as CADJPY trades below the broken trendline, with deeper Fibonacci retracements likely to be tested.
#CADJPY #Forex #Trading #TechnicalAnalysis #PriceAction #Fibonacci #Trendline #ChartAnalysis #FX
The CADJPY pair moved in an uptrend from 101.46 to around 105.90.
On August 15, the pair broke its ascending trendline, and on August 18 it retested the broken line before starting its bearish move.
⬇️ Currently, price is trading near 106.70, just above the 0.382 Fibonacci retracement at 106.00. With continued bearish pressure, further downside targets are expected at:
0.50 Fib around 105.15
0.61 Fib around 104.25
📌 Conclusion:
The short-term outlook remains bearish as long as CADJPY trades below the broken trendline, with deeper Fibonacci retracements likely to be tested.
#CADJPY #Forex #Trading #TechnicalAnalysis #PriceAction #Fibonacci #Trendline #ChartAnalysis #FX
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