CADJPY has been trading in a downtrend for some time now, however the price has been respecting the key zone of 90.15/90.30. There has been multiple occasions in which the price has fallen to this area and reacted well. Since breaking below this key level on the 24th of January, CADJPY has been setting higher lows and the price has been conforming to an upwards trend line. This morning there was some sell off towards this key area which why our short-term bias is now long considering previous price action. The RSI indicators on the 15m/30m area at oversold conditions which adds to our long bias.