CAD/JPY Double Top

CAD/JPY's price is now showing a retracement. Market participants are watching for a potential new higher low to form at the support which looks like it could also align with the daily 20EMA. Keep watching for a long position if bullish price action is seen.

The double top was reached and now the pair seems to have turned. The reaching of the double top happened at 91.50 and since then the pair has been trading to the downside reaching a low of 88.50.

Main trend on the short term remains bearish as we continue to watch if price finds support. First level that could hold the pair could be seen at 87.35. On the flipside, we could see the pair climb to 90.00 before going even lower.

Chart: CAD/JPY H4