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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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