Despite attempts to fully deploy CADJPY to the south, buyers are not giving up. Before the close of trading, they managed to drop just below 104.00, but the bulls quickly regained control, not allowing the sellers to establish themselves below 103.75. Of course, we need to wait for the opening of a new trading week first, as all plans could be immediately disrupted by some surprise. However, a move up to 105.50 looks quite realistic from current levels, and then possibly to 106.20. Further movement will depend on the yen; there is no global decline in the Japanese currency yet, which means that new highs are not being reached. There are many interesting targets to the upside. An alternative scenario for the CADJPY pair, which also cannot be ruled out, is a consolidation below 103.75 followed by a decline to 103.00, 102.50, and 101.50-101.20. If it goes this way, a bounce is possible from each of these levels, but this will need to be considered after the fact.
