CAD/JPY retesting the sellers [Video]

Olimpiu Tuns Learn 2 Trade

The CAD/JPY pair is trading in the green at 97.45 at the time of writing. Still, technically, the price action signaled exhausted buyers. Fundamentally, the Japanese reported mixed data today. Tomorrow, the BOC is expected to increase the Overnight Rate from 4.25% to 4.50%. This is seen as a high-impact event and could really shake the markets.

Technically, the rate escaped from the up channel pattern but it has found support above the 97.08 former low. The broken uptrend line and the 97.65 represent upside obstacles. Its failure to reach the median line (ml) signaled exhausted buyers. A new lower low may activate a strong sell-off.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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