The CADJPY approaches the resistance – Analysis – 11-10-2019

The CADJPY pair responded to the positive pressures recently, noticing forming correctional bullish wave to approach the bearish channel’s resistance at 81.65, while the bearish scenario depends on the strength of the current resistance to expect gathering new negative momentum and decline towards 80.70 followed by attempting to press on the additional support at 79.85.

On the other hand, breaching the current resistance and providing positive close will confirm moving into new bullish track, allowing us to suggest targeting many positive levels that might start at 82.30 followed by 83.55.

The expected trading range for today is between 81.65 and 80.70

The expected trend for today: Bearish