Daily Price Action

CADJPY to Extend Losses Below 82.60


A few days ago CADJPY hit a confluence of resistance at 83.80.

It’s the intersection of ascending channel resistance and a horizontal level that served as support between August and December of last year.

Since Monday’s commentary, CADJPY is down 100 pips. It’s also currently testing the channel support I mentioned at 82.70.

It’s going to take a close below this level to extend this week’s losses.

The pair is also just 40 pips away from carving a bearish engulfing candle for the week. And with less than 48 hours to go, we’ll know the outcome soon enough.

Note that you can also watch for a 4-hour close below channel support. It may serve as an early warning sign of a future breakdown.

That said, a daily close below the 82.60/70 area would be much more convincing.

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As for targets following a breakdown, I’d keep an eye on 80.55 followed by 78.70.

Alternatively, a bounce from 82.60/70 would keep the channel intact. It would also expose the 84.50 area.

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CADJPY ascending channel on the daily time frame

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

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  • Uzoma Nnamdi says:

    Thanks sir for reminding us

    • Justin Bennett says:

      You’re welcome.

  • Dorin says:

    Sir, i wonder if the BOJ is happy about the rise of yen.

    • Justin Bennett says:

      The yen rises and falls like any other currency regardless of what the BoJ thinks.

  • Nicholas says:

    I think waiting for the brakeout before sell entry is the best. A big thank you for today’s webinar, it was awesome.👍

  • Mihails Grigorjevs says:


    • Justin Bennett says:

      You’re very welcome.

  • Sivakumar Ganisan says:

    Thank you so much Mr.Justin Bennett for your details analysis on price moving data.. even not offenly I trade .. but your details explanation was very usefully for my knowledge which I received in my email… have a good day ahead… God Bless you..Thank you very much SIR.

  • Henryk says:

    Ok Justin Twoja analiza eurcad przyniosła zysk,dziękuję.

  • Blaza says:

    Hello Justin. I have a concern regarding the Nikkei 225 (Japan Index). The outlook is bearish considering that it has broken out of the rising wedge support today (H4 chart), but the same chart pattern is similar to most, if not all JPY pairs. With that regard, aren’t all the JPY pairs supposed to be looking bullish (base currencies)? I’m confused and thanks in advance

  • Ntokozo Mhlanzi says:

    If there is one thing I am learning from your page, it’s patience and the importance of analysing technical of the market. Thank you so much

    • Justin Bennett says:

      You’re welcome. Patience is key.

  • derrick says:

    thanks very much sir

    • Justin Bennett says:

      Anytime, Derrick.

  • joel says:

    Great analysis

  • Raja says:

    Thank you for your valuable insights. Much success ahead.

  • Trần văn hiêp says:

    Cảm ơn Justin Bennett về bài phân tích rất chuyên sâu. Tôi muốn nhận được nhiều bài phân tích như thế nữa.

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