CAD/JPY Price Analysis: Bears eye break of 30-min support
|- CAD/JPY bears are on the lookout for bearish structure.
- Daily confluences offer the targets to the downside.
The following is an analysis of the daily and shorter-term structure that offers a mixed outlook until 30-min support is broken
Bears can focus on a restest of the old dynamic resistance and prior horizontal resistance aligning in confluence with a 50% mean reversion
Daily chart
The downside support confluence is compelling for a restest of the price starts to run out of momentum to the upside.
30-min chart
The lower time frames are an alternate perspective that offers a vantage point in which to monitor prices action and look for a breakdown of bullish structure.
If and when support is broken, the structure would be expected to turn to resistance and shield short positions targeting daily support structure.
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