The CADJPY currency pair closed the latest trading session with a negative finish, settling below the 38.2% Fibonacci retracement level at 109.30. This move indicates a shift towards a bearish trend, with the pair potentially heading towards the next support level at 108.25.
The presence of the 55-period moving average (MA55) above the current price, along with the stochastic indicator nearing oversold territory, further suggests that the negative sentiment will likely persist. As a result, we anticipate the pair could target the 107.55 level next, followed by a potential decline to 106.45.
The expected trading range for today is between 107.55 and 109.00.
Trend Forecast: Bearish
Related topics: