💱CADJPY - We expect resistance retest
CADJPY is forming a narrowing range. The outline of a triangle is being formed. The global trend is bullish and prioritizing price may break resistance
TA on the high timeframe:
1) 109-104 range is forming. False break of 104 sends price to 109
2) The liquidity area that the market is interested in is above 107.8, most likely price can reach this area
TA on the low timeframe:
1) Downside resistance and upside support is forming a narrowing consolidation that is beginning to form a symmetrical triangle.
2) Globally, the forces are tipped towards the buyers, hence the market under trend pressure may break the market resistance.
3) A rebound from support is formed and the market is directed towards 107-107.6
4) We are waiting for growth to the resistance as a priority
Key support: 105.85
Key resistance: 107, 107.6
TA on the high timeframe:
1) 109-104 range is forming. False break of 104 sends price to 109
2) The liquidity area that the market is interested in is above 107.8, most likely price can reach this area
TA on the low timeframe:
1) Downside resistance and upside support is forming a narrowing consolidation that is beginning to form a symmetrical triangle.
2) Globally, the forces are tipped towards the buyers, hence the market under trend pressure may break the market resistance.
3) A rebound from support is formed and the market is directed towards 107-107.6
4) We are waiting for growth to the resistance as a priority
Key support: 105.85
Key resistance: 107, 107.6
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