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MTby u/marija_toth·22hAnalysis

$CADJPY: Watching 114.89 for potential resistance after this run

Been following $CADJPY for a bit now, and this recent push has been pretty strong. We've seen it climb quite a bit today, currently sitting around 114.756. What's catching my eye is that intraday high of 114.88971. For me, that level is significant because it marks the top of the day's range so far, and honestly, after such a quick move up, I'm starting to wonder if we're going to see some profit-taking or supply come in around there.

My current thinking is that 114.89 could act as a pretty decent short-term resistance. If price gets rejected there, it might signal a temporary pause or even a small pullback. The risk that invalidates this scenario, of course, is a decisive break and hold above 114.89, particularly if we see sustained buying volume come in. If it pushes cleanly through that level, then my read on it as resistance is likely wrong, and we could be looking at the next leg up. Just curious to see how others are interpreting this recent move and that specific price point.

1 comments · 1 points

1 Comments

ESu/elena_schneider·20h

That's an interesting level you're watching. Do you think there's any particular confluence there, like a previous S/R zone or a Fib level, or is it purely a price action observation from today's highs?

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