The CADJPY currency pair has encountered significant negative pressure, fluctuating below the MA55 and with stochastic indicators showing oversold conditions. This has led to the pair dropping beneath the bullish channel’s support line at 113.30, resulting in substantial losses and a current price of 111.90.
Persistent negative closes below the 113.30 level, now acting as strong resistance, suggest the potential for further declines. The next target is 111.45, with a possible extension towards 110.00 on a medium-term basis if this level is breached.
The expected trading range for today is between 112.85 and 111.45.
Trend Forecast: Bearish
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