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On the 4-hour chart, the CAD/JPY cross currency pair appears to detect deviations between the CAD/JPY price movement and the RSI indicator (4), which gives an indication that in the near future CAD/JPY has the potential to weaken downwards, where the level that will be tested to be broken downwards is 113.66. If this level is successfully broken below, then CAD/JPY has the potential to continue its weakening up to level 112.50 as the main target and if momentum and volatility support then level 111.55 will be the next target to be aimed at, but if it is on its way to these targets suddenly there is a strengthening correction that breaks above the 114.72 level, then all the weakening scenarios that have been described will become invalid and cancel automatically.
(Disclaimer)
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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