CADJPY → Consolidation before the news. Downtrend

5 days ago

continues to forge a downtrend, but within the current movement a symmetrical triangle of accumulative nature is forming

The currency pair may continue its decline due to the strengthening of the Japanese Yen, while the Canadian is consolidating in a narrow range.
The situation may be accelerated by today's news, namely Trump's speech, where he may announce new tariff measures.
Technically, the price is correcting after the false break of 103.56, being below the previously broken upside support. Price is testing key resistance at 104.90, and against 0.5 Fibo is forming a false breakout. A consolidation below 104.69, a break of 104.525 could trigger further decline.

Resistance levels: 104.900, 105.36, 105.74
Support levels: 104.525, 103.56

There are important news ahead, high volatility is possible, especially at the moment of Trump's speech, which may set a medium-term tone in the market.
The currency pair is in consolidation on the background of the downtrend and the priority is to expect a continuation of the fall

Regards R. Linda!

4 days ago

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