CADJPY – at a strong resistance zone on Weekly and Daily charts

CADJPY is at a confluence of resistance area that is clearly seen on the Weekly and Daily charts. It is clearly in an uptrend, but I’m watching to see what the pair will do at the current levels and it is very overbought. I prefer to sell this pair given the price level and overbought scenario, but I will wait to see if CAD becomes weak and keep my eye on OIL movement. What also caught my eye was the nice uptrend on the Daily chart with a “indecision” candle close on Friday (and it’s red), telling me the market is indecisive, however a “red” candle is not a reason to sell and I will look to sell when price close below the indecision candle at around 88.00 with a first TP target at 87.25 – 87.12 area.

CADJPY at confluence of resistance zone

Source: Maryna

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