CADJPY to 2007 resistance levels

FX:CADJPY   Canadian Dollar / Japanese Yen
Starting from March 2021, there has been a notable uptrend movement in the stock prices, breaking the price level of 84.7 and reaching a peak of 111.2 in September 2022. Following this, a correction occurred, forming a double bottom pattern within the range of 94.4 in March 2023, and now the prices have returned to the previous range of 111.2.

At present, we are encountering a significant historical resistance level, previously reached in 2007 around 116.5, followed by 125.7.

As a result, we remain in a long position but expect a short-term sideways movement. However, if the prices drop below 104.5, our position will change, and we may experience a short-term downtrend.

However, it is important to consider the risk-to-return ratio before taking any position. Assessing the potential risk and potential reward is crucial in making informed trading decisions.

It's worth noting that the analysis provided is based on the information given and assumes the accuracy of the mentioned technical indicators. However, market conditions can change rapidly, and it's always important to conduct comprehensive and up-to-date analysis before making any investment decisions.

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