CAD / JPY technical analysis
At the moment, on the chart of H4, we see the return of prices in the framework of the rising channel. Drawn for 28 days.
Given the recently published positive statistics for Canada, we can assume that our upward movement will continue and at the moment we are seeing a correction and revision of the positions by bulls that decided to fix the profit.
On the daily chart, we have not yet seen the figures of absorption and the reversal pattern. But on the chart H4 appeared "shooting star", which can signal us about a possible correction. And the ability to draw a "head and shoulders" figure, with a shoulder level in the area of 88.90.
But looking at the overall schedule and considering the overall movement, the recommendation is to look for points to enter the long position at support levels.
Support and resistance levels
87.72
88.35
88.89
89.50
90.10
90.90
