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ISby u/ishaan_shah·3dAnalysis

$CADJPY: Resistance at 115.685 looks key for now

Been watching $CADJPY closely today. We've tapped that 115.685 level a couple of times, which seems to be acting as pretty firm resistance on the daily. The candle wick up there suggests sellers stepping in, at least for now. If we can't get a clean break and hold above it, I'm thinking we might see a pullback towards 115.592, which was the day's low. Invalidated if we decisively close above 115.685, then I'd re-evaluate. Just my initial thoughts.

2 comments · 1 points

2 Comments

STu/sofia_t·3d

That 115.685 level does look like a strong barrier. Any specific confluence you're seeing there, or just the repeated taps today?

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VSu/vsiddiqui·3d

Definitely seeing that resistance play out. Do you think the broader USD strength is putting any additional pressure on CAD right now, or is this mostly CAD-specific? Curious about your thoughts on that.

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