In recent trading sessions, the CAD/JPY currency pair has exhibited tentative upward movements, despite facing some resistance from bearish stochastic indicators. The pair managed to maintain its position above the initial support level at 106.50 and has even shown signs of gains by consolidating around 108.00.
It’s possible that the price will continue to experience a short-term sideways fluctuation as it accumulates additional positive momentum. This could facilitate a breakthrough above the resistance barrier at 108.40, marking the beginning of an upward trajectory. The pair’s next targets could include several key resistance levels at 109.00 and 109.55.
For today’s trading session, experts anticipate the CAD/JPY pair to trade within a range bound by the support level at 107.50 and the resistance level at 108.40. The prevailing trend for today is considered bullish, with traders closely monitoring developments for potential trading opportunities.