The CADJPY currency pair is encountering resistance in its efforts to rise. While it has been consolidating within a bullish channel, the pair’s inability to breach the initial resistance level at 110.45 has hindered further upward momentum, leading to the formation of unstable sideways fluctuations.
Moreover, the stochastic indicator has exited from overbought areas, confirming the postponement of the bullish rally and suggesting a potential shift towards a correctional bearish bias. In this scenario, the pair may target levels around 108.90 and 108.40 in the near term.
The expected trading range for today is between 110.10 and 109.00, with a prevailing bearish trend anticipated.