CAD/JPY has
been consolidating sideways below the (MA)89 indicator on the daily time-frame
for two months now and said consolidation will likely continue, considering the
candlesticks that continue to form below the aforementioned indicator. Namely,
the pair has formed a doji candlestick and a spinning top candlestick, both on
the daly time-frame, both below the resistance at 84.45. Although such
candlesticks are a signal for indecision, rather than reversal, there could
definitely be a new move to the downside. Next target will
likely be around 82.00. On the other hand, if the pair breaks out above the
indicator it could rise towards the last high, which is at 87.10.
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