CADJPY is currently trading within a rising wedge structure and approaching a major supply zone around the 108.300–108.700 region, which previously acted as strong resistance. Price has shown consistent upward momentum, but as it nears the upper boundary of the wedge and supply area, signs of exhaustion may appear.
A potential bearish rejection from this zone could lead to a corrective move towards the lower trendline of the wedge, aligning with the previous breakout level at 105.850, which also acts as horizontal support.
Traders should watch for bearish confirmation signals near the supply zone for a potential short opportunity, targeting the 105.850 region. A breakout above the supply zone would invalidate this bearish scenario
A potential bearish rejection from this zone could lead to a corrective move towards the lower trendline of the wedge, aligning with the previous breakout level at 105.850, which also acts as horizontal support.
Traders should watch for bearish confirmation signals near the supply zone for a potential short opportunity, targeting the 105.850 region. A breakout above the supply zone would invalidate this bearish scenario
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