The CADJPY pair has closed with a negative outlook, maintaining its position below the resistance of the bearish channel at 104.90. This has led to a series of bearish waves, with the price fluctuating around the 104.00 mark. The persistence of the 55-period moving average above the current resistance level, along with the possibility of the stochastic indicator exiting the overbought territory, reinforces the bearish sentiment.
With these factors in play, a decline towards the initial support at 103.45 is anticipated. A break below this level could extend the downward movement, targeting the next support at 102.90.
Expected Trading Range for Today: 103.45 – 104.40
Trend Forecast: Bearish
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