Anticipating CAD/JPY's Bearish Breakout: Technical Analysis

Hey, fellow traders! I'm keeping a close eye on CAD/JPY as it looks bearish and could potentially head south. In my technical analysis, I've spotted a trendline and RSI divergence that could indicate slowing momentum, along with a sweet continuation pattern in the price action.

If we break the key "support/resistance area," the pair could drop as low as 97.5. That's why I'm planning to wait for a pullback before taking any action in the market. But for those of you who are considering shorting CAD/JPY, keep an eye out for these signals as they could indicate a prime opportunity to make some profits.

Overall, it's essential to stay vigilant and monitor the trends and indicators to make informed trading decisions. I hope this analysis helps you in your trading journey. Happy trading!

Trade active:

So far so good! I'll move to break even soon.

Trade closed: target reached:

Closing it out for the weekend. Have a good one traders!