CAD/JPY Technical Analysis

• Multiple Pinbars
• The price is bearish
• Lower highs
• W L4 possible target

MEGATREND MAs: Bearish

H4 Chart CAD/JPY

1. Left shoulder
2. Head
3. Right shoulder
4. Target

The CAD/JPY is showing pinbar rejections off the W H3 resistance. The earthquake in Japan and China lockdown loosening policy turned Yen weak overnight. However as the price is still bearish we should see a move down. Megatrend MAs are bearish. Multiple pinbars confirm sellers. The entry in the zone 99.85-100.00 has been made. Possible targets are 99.30 followed by 99.02 and 98.46 as the final target.

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Cheers and safe trading,

Nenad