CADJPY Can Price Reach 92.50 Support ?

Mon 27th March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• CADJPY
• AUDJPY (Covered in Video)

JPY continues to remain top of the trend traders tables.

This suggests that the market is still in a risk off environement.

CAD is on the weak side of the tables, giving us the option to look for selling ideas on CADJPY.

CADJPY recently broke down through the lows and key support of 95.00 now being retested.

This could be a sign that the price is going to trade lower to the next supporting level of 93.00.

If the price reaches the minor resistance zone and selling patterns form, we can look to sell back to the lows and beyond.

Technical Observations

• The JPY is S2 and CAD is W3 on the day traders table.
• Price has traded through the recent lows and support at 95.00.
• Price is in a downward trend forming lower highs and lows.
• Sellers could look to target the weekly support at 9300-92.50.
• If price finds resistance at the minor resistance zones we could look for selling opportunities.