The CADJPY currency pair has successfully continued its correctional bullish trajectory, surpassing the 50% Fibonacci retracement level at 106.35. This move has enabled it to settle above the 55-day moving average (MA55) and achieve additional gains, reaching a price of 107.63.
Current indicators signal positive momentum, with the 106.35 level now acting as a supportive base for further bullish movements. As a result, the pair is expected to target the 108.10 level in the near term, with aspirations to challenge the next resistance at 109.20 as the primary objective for upward trades.
Today’s anticipated trading range is between a support level of 106.75 and a resistance level of 109.20.
Trend Forecast: Bullish
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