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The price of CADJPY has reached a key support level, will the price reverse or continue lower?
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CADJPY Analysis
The price of CADJPY has fallen recently as the Japanese Yen strengthened and the Canadian Dollar weakened. Not only this but the volatility in the market has increased due to the recent SVB bank collapse. Although this may not seem that it would have an effect on the market, when uncertainty around the banking sector enters the market, investors go to seek safe havens such as Gold and JPY. The JPY has benefited from this concerning development and it could continue throughout this week.
CADJPY has recently found resistance at the highs around 101.00 and traded through multiple supporting levels. These levels include the daily trend line support and the previous support of 98.50.
That being said, the price is now rejecting the key daily lows around 96.00. If price finds support here we could see price trade back to the resistance of 98.50.
CADJPY
The price on the chart has traded through multiple technical levels and some observations included:
- CADJPY has also traded through multiple levels of support including the weekly level of 98.50.
- This break of support could see price trade lower to 95.00.
- The price could find resistance back at the 98.50 level.
- Buyers could look to trade back to this level.
Have you watched our Week Ahead analysis? You can see it here.
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