Retest of the Supply Zone on CAD/JPY

Retest of the Supply Zone on CAD/JPY

The CAD/JPY currency pair has become stable after prolonged growth. At the moment, quotes are consolidating. The trading instrument is testing the supply zone of 80.75-81.00. Local support is the level of 80.35. The current technical pattern signals the development of a correction movement. We recommend paying attention to this situation.

If the price fixes below 80.35, CAD/JPY quotes are expected to correct. The nearest goal for profit-taking is 79.80-79.50. The movement is tending to the round level of 79.00. Confirmations and market entry points should be looked for on lower timeframes. When following positions, we recommend using a trailing stop.

by Justforex, 2020.09.11

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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