OANDA:CADJPY on the background of global weakening of the yen forms a pre-breakdown setup against 112.26. The currency pair is preparing to strengthen.
On D1 the general trend is obvious. Buyers are not going to give up and continue to press the strong limit resistance at 112.26, formed by sellers. The trend is bullish and it may continue. Fundamentally, the Japanese Yen has no positive prospects at the moment. There is a clear potential for further trend continuation on the chart due to price compression to the resistance and formation of pre-breakdown consolidation.
Resistance levels: 112.26 Support levels: MA-50, 111.0
Technically as on H1, H4 and D1 everything is roughly clear. We have a high chance that the market will try to continue breaking the resistance with the purpose of its breakout. Consolidation of the price above the resistance will be a good starting point to 114.0.
Regards R. Linda!
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The flight is normal...
Trade closed: target reached
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Interim target achieved
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Comment
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Currency pair updates high
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Distribution continues. Target 114
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The goal has been practically achieved +150 pips at the moment