CAD/JPY
The sharp decline in the price of Canadian dollar-yen pair Japanese stopped exactly on the crucial support level of 77.50, representing a potential signal of a base floor of a new sequence that can reach upward climb to the top price levels of around 83 Japanese yen and higher still.
To convince flatly that the intentions of the pair will remain positive in the period close, for it has to overcome the resistance level of 79.00 and testing. On the contrary, it is important to note the possibility of a new wave downward based on the pattern of stagnation that developed during the last month. The bottom of the pattern is around the 77.00 price levels, so that a drop to this level can act as a trigger for a new purchase at a low price and attractive.
