Looking at CAD/JPY we an see it is testing a strong resistance zone.
The pair was last testing this zone in April 2019 so we have a fresh new 8 month high.
1.) It can either break to the upside retesting the then support zone and continue with the uptrend as can be seen on the chart.
2.) This Resistance zone can be too strong, pushing the price back testing the trend and breaking to the down side.
3.)I personally think we will be seeing some consolidation for the next week or two and then see a break in either direction.
Will be monitoring this pair in the coming weeks to see which way it tends to push!
The pair was last testing this zone in April 2019 so we have a fresh new 8 month high.
1.) It can either break to the upside retesting the then support zone and continue with the uptrend as can be seen on the chart.
2.) This Resistance zone can be too strong, pushing the price back testing the trend and breaking to the down side.
3.)I personally think we will be seeing some consolidation for the next week or two and then see a break in either direction.
Will be monitoring this pair in the coming weeks to see which way it tends to push!