FX.co - USD/CAD analysis for December 02, 2021 - Potential for the bigger drop and downside continuation

2 December 2021 at 12:12PM (UTC+0)

Relevance until3 December 2021 at 12:12PM (UTC+0)

Technical analysis:

USD/CAD analysis for December 02, 2021 - Potential for the bigger drop and downside continuation

USD/JPY has been trading sideways at the price of 112,93 and I see potential for the downside continuation and bigger drop.

Trading recommendation:

Due to strong downside movement in the background and low prices on US Stock market, I see potential for the further drop on USD/JPY.

Watch for selling opportunities on with the potential downside objective at 112,10.

I found on 4H time-frame, contraction, which is another sign for potential downside continuation.

Resistance is set at the price of 113,95

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/CAD analysis for December 02, 2021 - Potential for the bigger drop and downside continuation