CADJPY broke out of support, further potential drop!
CADJPY broke out of its short term ascending support line and is testing our first resistance at 85.13 (horizontal overlap resistance) and a strong reaction might occur below this level pushing price down to our major support at 80.58 (horizontal swing low support).
RSI is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure, in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure, in line with our bearish bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results