CAD/JPY Sell Analysis
CAD/JPY is exhibiting bearish momentum after breaking below the ascending channel. This breakdown signals a potential shift in market sentiment, with sellers gaining control. The price is currently trading below the channel's lower trendline, confirming bearish pressure.
The next significant target lies around the 106.00 support level, which aligns with a previous demand zone. A retest of the broken trendline near 108.00 could occur before the downtrend resumes, providing a better entry for sellers.
Traders must exercise caution and set their stop-loss levels according to their risk management to protect against unexpected reversals. The bearish outlook remains valid as long as the price stays below the broken channel. 📉
The next significant target lies around the 106.00 support level, which aligns with a previous demand zone. A retest of the broken trendline near 108.00 could occur before the downtrend resumes, providing a better entry for sellers.
Traders must exercise caution and set their stop-loss levels according to their risk management to protect against unexpected reversals. The bearish outlook remains valid as long as the price stays below the broken channel. 📉
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