CAD/JPY Short Setup – Bearish Continuation Expected
I’m observing a potential bearish continuation on CAD/JPY. The pair has recently broken key support levels and is trading below the 200 MA on the 4H chart, signaling strong downward momentum.
Key Analysis
Resistance Levels: The price is expected to retest the zone around 108-108.15, which could act as a strong resistance. If the price reject that level, then I will ENTER SHORT. Failing this, I am not entering.
Support Levels: The first target is near 105.8–106.0. If broken, the price may head toward the 104.0–105.0 range.
Confluence Factors: Weakness in CAD due to declining oil prices and risk-off sentiment could drive this move. JPY strength may increase as a safe-haven currency amid market uncertainty.
Risk Management: Stop-Loss: Above the 108.5 resistance zone. Take-Profit: Incremental levels around 106.0 and 104.5.
Key Analysis
Resistance Levels: The price is expected to retest the zone around 108-108.15, which could act as a strong resistance. If the price reject that level, then I will ENTER SHORT. Failing this, I am not entering.
Support Levels: The first target is near 105.8–106.0. If broken, the price may head toward the 104.0–105.0 range.
Confluence Factors: Weakness in CAD due to declining oil prices and risk-off sentiment could drive this move. JPY strength may increase as a safe-haven currency amid market uncertainty.
Risk Management: Stop-Loss: Above the 108.5 resistance zone. Take-Profit: Incremental levels around 106.0 and 104.5.
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