The CADJPY currency pair presents a nuanced technical analysis. The prevailing trend appears bearish, evidenced by the elongating red MACD bars. However, a noteworthy observation is the pair’s resilience at a prior low, suggesting a possible rebound. Furthermore, the stochastic RSI reading below 20 indicates oversold conditions, potentially signaling a reversal or temporary consolidation. Prudent traders should maintain vigilance, monitoring price dynamics and keeping an eye out for reversal signals within this context.
• There is a resistance level at 110.374; followed by resistance at 110.863 and 111.180.
• There is a support level at 106.682 Below, there are 107.172 and 109.208.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 3, 2023