Good day traders! CAD/JPY broke below my lower channel line since my last update. The decline from the 17th of January high went straight down and possibly found support at a downward sloping pitchfork’s lower median line.
A corrective bounce into the 83.15 – 83.40 price zone where we have both the lower channel line and center median line located, would be an ideal place to look for a lower high and attempt a short.
If CAD/JPY makes it that high and reverses lower again, then price could test the lower median line again at 82.26 or even my lower red warning line at 81.37.
Potential zone for a lower high: 83.15 – 83.40
Targets: 82.26 and 81.37
Until next time, happy and safe trading!