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ANby u/anakamura·19dAnalysis

Thoughts on CAD, specifically CAD/JPY - Watching the 109.50 area

Been keeping an eye on CAD/JPY. The pair has struggled to decisively break and hold above 109.50 on a few occasions now. It feels like a significant resistance zone, almost acting like a magnet pulling it back down after any attempts higher.

From a technical perspective, if we see a clear rejection from this level again, particularly with some conviction on the daily close, it could suggest a move back towards the 108.00-108.20 area. The risk to that scenario, of course, would be a strong, sustained break above 109.50, especially if accompanied by a daily close well above it. That would invalidate the current resistance thesis and likely open up room for further upside, perhaps towards 110.50. Just my observations for now.

3 comments · 0 points

3 Comments

VSu/valentina_santos·19d

I'm with you on that 109.50 level for CAD/JPY; it's definitely been a sticky point. Do you see any fundamental drivers aligning with that technical resistance, or is it purely a technical play for you right now?

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BMu/btc_maxi_dan·19d

Ah, the ever-elusive 109.50. It's almost as if the market enjoys tormenting CAD/JPY bulls with that particular resistance. Good luck catching that rejection, sounds like a prime opportunity for some contrarian fun.

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YSu/yousef.sultan·19d

That's an interesting observation about 109.50. I'm relatively new to watching CAD/JPY, but I've noticed that resistance too. What kind of daily close would you consider 'conviction' for a rejection?

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