CAD/JPY Temporary Retreat?
The currency pair retreated a little and now is located at 110.51. It has climbed as much as 110.87 where it has found strong supply. Now, it could come back to retest the uptrend line which represents a downside obstacle. The former low of 110.17 represents a downside obstacle as well.
The uptrend remains intact as long as it stays above these obstacles. It could resume its growth despite temporary retreats.
CAD/JPY Trading Conclusion!
Testing and retesting the uptrend line and 110.17 could announce a new upward movement. Dropping and stabilizing below these downside obstacles invalidates an upside continuation and brings new selling opportunities.
