CAD/JPY has successfully broken above a long-standing descending trendline, signaling a potential shift from bearish to bullish structure. The pair is now showing signs of pullback or retest of this trendline, which could act as a launchpad for a fresh bullish wave.
The major support zone near 101.50–102.00 continues to hold strong, and the breakout aligns with bullish market sentiment. If the retest confirms, price could rally toward the 106.50–107.00 region.
🔼 Bullish Setup Highlights:
Breakout confirmed above descending trendline.
Strong demand zone still valid below.
Retest in progress – eyes on bullish engulfing or confirmation candle.
📈 Watch for bullish continuation if price holds above the trendline and support zone.
The major support zone near 101.50–102.00 continues to hold strong, and the breakout aligns with bullish market sentiment. If the retest confirms, price could rally toward the 106.50–107.00 region.
🔼 Bullish Setup Highlights:
Breakout confirmed above descending trendline.
Strong demand zone still valid below.
Retest in progress – eyes on bullish engulfing or confirmation candle.
📈 Watch for bullish continuation if price holds above the trendline and support zone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.