FX.co ★ CAD/JPY 102.16 key obstacle

CAD/JPY exhausted buyers

The CAD/JPY pair moves somehow sideways in the short term. It was trading at 102.57 at the time of writing, and it seems undecided. As you can see on the H1 chart, it has failed to jump above 102.88 former high, signaling exhausted buyers. It has dropped below the uptrend line and below the minor uptrend line, indicating a potential downside reversal.

From the technical point of view, the 102.16 represents a critical downside obstacle. A new downside movement is possible as long as it stays below the 102.88.

CAD/JPY trading conclusion

Dropping and stabilizing below 102.16 activates more declines and represents a selling opportunity.