CAD/JPY Price Analysis: Bulls on the way to test the key daily resistance

  • CAD/JPY is supported near the 21-day EMA and bulls are in charge.
  • The BoC is a major risk for the pair as it consolidated the bullish trend.

The bulls are taking charge ahead of the Bank of Canada meeting today and there is the potential of a meaningful test of the critical daily resistance as follows:

Daily chart

If the resistance holds, then the downside will be vulnerable below the current support.

If, on the other hand, it gives out, then the bulls will be well in control and prospects for a fresh daily high will be on the cards.

15-min chart

With that all being said, the 15-min time frame is not bullish enough to bank on an upside correction just yet, not until the 21-EMA is broken and a subsequent break out of critical resistance:

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