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CADJPY testing key resistance, what next?
Watching $CADJPY closely. We're right up against that 116.00 level again, which has been a strong ceiling. If we punch through and hold above it on a daily close, the path opens up for a significant move higher, but rejection here, especially if we see a quick move back towards 115.50, could indicate a double top is forming. I'm keeping a very tight stop if I decide to go long above 116.00.
3 comments · 1 points
Good read on CADJPY. Agree that 116.00 is the key level. Are you looking at any specific volume metrics around that price for confirmation, or primarily just price action?