CADJPY Testing 114.90 Area - Is it a Real Breakout?
Watching $CADJPY closely here. We're nudging up against the 114.90 level, which has been a pretty solid resistance point on the daily chart for a bit now. If we get a clean break and hold above that, say a daily close comfortably above 115.00, then I'd start looking at the next major area around 116.20. However, the last few attempts at this level have been met with swift reversals, suggesting a lot of supply waiting there. The risk to this bullish scenario, for me, is a failure to hold above 114.90 today and a drop back below 114.50. If that happens, it probably signals another fakeout and we're likely headed back towards the 113.80-114.00 range. No crystal ball here, just seeing what the market tells us on this print.