FX.co ★ CAD/JPY trapped between 108.66 - 109.45

CAD/JPY Undecided!

The CAD/JPY pair is moving sideways after dropping below the uptrend line. It's located at 109.00. As you can see, the price is trapped between the former high of 109.45 and the former low of 108.66. Technically, these represent upside and downside obstacles. Only escaping from this pattern could bring us new trading opportunities.

Dropping below the uptrend line signaled a potential downside reversal, but the rate could resume its growth as long as it stays above 108.66.

CAD/JPY Trading Conclusion!

Dropping and stabilizing below 108.66 validates a larger drop and is seen as a new selling opportunity.

Jumping above 109.45 activates a larger drop and brings new buying opportunities.