The price line on CAD/JPY started a descending rally on November 7th, 2022; as a result of this descending wave, the price line on this pair experienced more than 12.4 loss of value. The long term trend line on this pair, which is indicated as an ascending red line is also broken and a pullback is being made to this line. RSI is showing positive divergence and the descending slope of the chart is reducing. Traders can expect the price line to break above the long term trend line, and then they can enter long positions heading to the resistance level mentioned below.
• There is a resistance level at 100.232 followed by resistance at 103.270 and 104.490.
• There is a support level at 96.300. Below, there is 95.425 and 94.640.
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.
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