CAD/JPY Analysis – 15-Minute Chart
Price action has encountered a significant resistance zone around 108.430 - 108.477, leading to a rejection and subsequent retracement. The current price at 108.092 shows a minor recovery after testing support near 108.000.
Key Points:
Entry Trigger: The bearish engulfing candle near resistance signals potential downside.
Target: Support zone around 107.595, aligning with recent demand and price rejection.
Stop-Loss: Above 108.430, considering resistance holds.
Indicators:
RSI (14) at 42.18, showing mild bearish momentum.
Volume: Noticeable selling pressure on the recent decline.
If price sustains below 108.151, further downside towards 107.595 remains likely. However, reclaiming resistance may invalidate this bearish scenario.
Key Points:
Entry Trigger: The bearish engulfing candle near resistance signals potential downside.
Target: Support zone around 107.595, aligning with recent demand and price rejection.
Stop-Loss: Above 108.430, considering resistance holds.
Indicators:
RSI (14) at 42.18, showing mild bearish momentum.
Volume: Noticeable selling pressure on the recent decline.
If price sustains below 108.151, further downside towards 107.595 remains likely. However, reclaiming resistance may invalidate this bearish scenario.
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