The Canadian dollar to Japanese yen (CAD/JPY) exchange rate continues to trade within a well-established bearish channel, with price action confirming the prevailing downward trend.
The 55-day moving average has held firm near the resistance level at 105.20, reinforcing selling pressure. As a result, CAD/JPY has stabilized near the 102.80 mark, staying below the key 61.8% Fibonacci retracement level at 103.45. This level now acts as a strong resistance barrier, limiting any upward correction attempts.
Technical indicators suggest the bearish momentum remains intact. As long as the pair remains below 103.45, further declines are likely. Analysts anticipate the next downside targets to emerge near 102.10 and potentially extend to 101.35, if bearish sentiment persists.
Expected trading range for the day:
Support: 102.10
Resistance: 103.10
Trend outlook: Bearish
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