FX.co ★ CAD/JPY Launches New Downtrend!

CAD/JPY Upside Seems Over!

The CAD/JPY pair registered a strong downside movement and now it could develop a larger drop after passing below the uptrend line. From the technical point of view, the uptrend line represented a downside obstacle.

Dropping below it signaled that the upside movement could be over and that the price could develop a new downside movement. As long as it stays under the downtrend line, the CAD/JPY pair could approach and reach new lows.

CAD/JPY Trading Conclusion!

The currency pair is expected to drop deeper as long as it stays under the downtrend line and after falling below today's low of 97.69.