FX.co ★ CAD/JPY aims at 109.23

CAD/JPY reversal

The currency pair climbed as much as 110.31, registering a new high. It has increased within an up channel, but the rate failed to stay above the uptrend line, signaling an overbought situation.

Dropping below the uptrend line and under the former low of 109.78 announced a potential downside reversal.

CAD/JPY trading conclusion

Breaking below 109.78 indicates a deeper drop, at least to 109.23. A larger drop could be activated after dropping and stabilizing below this level.