Today I’m going to share a potentially massive range trade idea for CADJPY.
I’ll discuss what could confirm the breakdown, as well as key levels and targets to watch.
Watch the video below and scroll down for the annotated charts and analysis.
The Japanese yen has been a difficult currency to trade for the last few months.
However, a few yen pairs are setting up for potential opportunities, including the CADJPY.
While I’m not fully convinced just yet due to the pair’s recent indecision, a sustained break below the 107.30 area would confirm the breakdown.
That would expose recent lows like 106.00 and 104.50.
We may even see the CADJPY complete the early-stage descending channel, which comes in near the 102.00 mid-range.
But caution is needed while above the short-term trend line support at 107.30.
Given the pair’s uptrend since March, some may see this as a risky idea.
As mentioned in the video above, I view CADJPY as more of a range trade than anything else.
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