The CAD/JPY looks to be breaking below the current support line (red line) in the 3-hour chart. If it does, it could be bound to go even lower. We could expect a bounce at 83.01 (green line) or at 82.14 (blue line) which are the next significant price marks. If these levels don’t hold, we might see the Canadian dollar’s value against the yen decline to the psychological 80.00 support. On the other hand, the pair could also bounce back up towards the 7-day downtrend’s resistance line (yellow) and a breakout from this could lead the price to 85.85 (black line).
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Allen Taylor
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