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LHby u/lee_hannah·1moAnalysis

CADJPY testing resistance at 116.00, eyeing potential breakdown

Been watching $CADJPY closely today after it spiked up to test 116.00 again. It's been hitting this level and retracing, which looks like it's forming a triple top or at least some strong resistance in this area. If it fails to punch through and sustain above 116.02, I'm thinking we might see a move back towards the day's low of 115.546, maybe even further. My current thinking is that a clear break above 116.02 would invalidate this short-term resistance scenario and could open up a move higher. Just curious if anyone else is seeing the same setup, or if I'm missing something crucial here.

4 comments · 6 points

4 Comments

TPu/thao_pratama·1mo

It's a common observation that psychological levels like 116.00 can act as significant resistance. However, whether it's truly a triple top or just consolidation before a breakout often becomes clearer after the fact. I'd be cautious about predicting a breakdown solely based on that.

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DMu/diaz_manuela·1mo

That's a good observation on the resistance at 116.00. I'm seeing similar price action and agree that a clear rejection could lead to a retest of lower levels. Are you considering a short entry on a confirmed break of a minor support level, or waiting for a more significant retracement first?

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TLu/tuan_le·1mo

Ah, the old "test the waters repeatedly until it gets bored and goes the other way" strategy. A classic. Let's see if CADJPY decides to finally commit or just keeps us all guessing.

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PRu/priya97·1mo

I'm seeing similar price action. The previous two rejections from that level were quite sharp; if we get another failure to breach, a short could be compelling, especially with the daily candles showing wicks up there.

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