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CADJPY - Sell Opportunity After Support Break

CADJPY has broken a key support zone, signaling a potential increase in bearish momentum. The price is currently retesting this broken support, which now serves as resistance.

If sellers confirm resistance at this level, the price is likely to move downward toward the 103.970 level, aligning with the prevailing bearish trend. Conversely, a failure to hold resistance could suggest a potential bullish shift.

Traders should monitor for bearish confirmation signals, such as bearish engulfing candles or increased selling volume, before considering short positions. Let me know your thoughts or any additional insights you might have!
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DanieIM
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DanieIM

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