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CADJPY testing 116.45-116.50 resistance
Watching $CADJPY closely. It's approaching a pretty significant resistance band around 116.45-116.50, which has held multiple times over the last few weeks. The daily close above 116.464 today would be interesting, could signal a move higher.
Conversely, a failure to break through, especially with conviction, could see it revert to the 116.089 support. A clear break and sustained trade below that level would invalidate any bullish ideas I have for now.
1 comments · 1 points
Thanks for sharing this breakdown. I'm still getting the hang of identifying strong resistance levels; what factors do you usually look for to confirm a level's significance?