CAD/JPY - on its way to support at 88.90
Today CAD/JPY broke below support at 90.70 level. Currently declines stopped at weak support at 90.10 and we should see a return movement attempt. If price will move back above 90.70, today's movement will be a false breakout and next targets for upward movement will be the levels 91.20, 91.80, 92.40. More likely scenario is rebound - if price could reach 90.70.
Since August 25, CAD/JPY moves in consolidation between 93.00, 88.90. Last time at November 19, price tested upper limit of consolidation, so there is a huge probability that right now lower limit of consolidation 88.90 will be tested. Breaking one of the pointed levels will give us a confirmation of consolidation end.
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