The CADJPY exchange rate has shown fluctuations due to stochastic negativity, resulting in a new negative rebound. The currency pair is approaching the 50% Fibonacci correction level, which acts as a key support at 106.45. Stability above this level allows for a bullish outlook in both the near-term and medium-term, with potential targets at 107.30 and 108.10.
Conversely, if CADJPY falls below this support level, it may face further losses, potentially descending to levels around 105.80 and 102.30.
Today’s expected trading range for CADJPY is between 106.50 and 107.30.
Trend Forecast: Bullish
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