FX.co ★ raynor.cornelius | CAD/JPY

Hello traders, CAD/JPY

Sunday's technical analysis of the pair on the 4-hour chart. Here, the price formed a double top at the level of 117.10, probably completing the timeframe maximum and starting to correct downwards from there. The price has started to work within a large red zone, a blue zone that is just beginning to form, which could act as a resistance level during the descent. The price may fully work through the red zone, with key reference points below the price - support levels: the moving averages - the blue line at 115.15, the red line at 113.55, and the double bottom level at 111.90.