Good day traders! CAD/JPY eventually reached my lower median line and channel line since my last update on the 13th of November. I would now expect price to be supported by those lines, resulting in a possible upwards movement which could be a correction within a bearish sequence.
Overhead resistance now lies between 81.91 – 82.09 with my center median line also crossing through that price zone. If price breaks through that zone, then I would not like to see a move higher than the 18th of November high at 82.52 which could then indicate that this downwards move was either a correction that ended, or part of a more complex correction with more downside to follow.
On the other hand, if price breaks below the 81.28 level, then price could target my lower red warning line at 80.67 or even drop lower towards 80.35.
Until next time, happy and safe trading!