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Descending Trend-Channel May Keep Restricting CADJPY Up-Moves

Aug 14 2017, 07:37 PM (+06) |

CADJPY's pullback recovery from 85.40-45 is likely to be challenged by the three-week old descending trend-channel resistance, followed by the horizontal-line, around 86.65-80 region. In case if the pair successfully surpasses 86.80 resistance, the 87.40 and the 87.75 are likely following north-side numbers to appear on the chart, breaking which the 88.20, 88.70 and the 89.25-30 might entertain the Bulls. Moreover, buyers' dominance over the prices after 89.30 could help the traders witness 90.00 round-figure as a quote.

Alternatively, 86.00 may offer an immediate support to the pair in case of its U-turn, clearing which the channel support of 85.20, adjacent to 85.00 rest-point, should gain the attention. During the pair's additional downside after breaking 85.00, the 84.50, the 84.20 and the 83.60 can act as barriers prior to dragging it towards 83.20-15 re-test.

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