CAD/JPY: 4-hour
Here’s a rising trend line that’s just about to form on CAD/JPY’s 4-hour forex chart! Using the Fib tool on the latest swing low and high shows that the 61.8% Fibonacci retracement level might act as support, as this lines up with the trend line and the 95.50 minor psychological level. Stochastic is already indicating oversold conditions, which suggests that a rally might take place sooner or later. If that happens, CAD/JPY could eventually make its way back to the previous highs near the 100.00 mark. However, a break below the Fibs might be a sign that a reversal is in the cards.
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