FX.co ★ CAD/JPY: new downside movement

CAD/JPY Upside Seems Over!

The CAD/JPY pair dropped in the short term and now is located at 106.91 at the time of writing. It has moved sideways between 107.00 and 107.59 in the short term. Now, it has dropped below the uptrend line and below the 107.00 downside obstacles announcing that the uptrend ended and that the sellers could take the lead and drag the rate down.

Failing to stay above the uptrend line or to jump above the 17.59 upside obstacle signaled exhausted buyers.

CAD/JPY Trading Conclusion!

Breaking below 107.00 former low (downside obstacle) was seen as a selling signal and could bring a downside reversal.