22.12.202219:35 Forex Analysis & Reviews: CAD/JPY: rebound seems over, 96.80 as support

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The CAD/JPY pair is trading in the red on the 30M chart. It's located at 96.82 and it seems very heavy in the short term. The price action signaled that the rebound ended and that the sellers could take the lead.

Fundamentally, the Canadian CPI reported a 0.1% growth versus the 0.0% growth expected. Tomorrow, the Canadian GDP is expected to report a 0.1% growth. On the other hand, the Japanese Monetary Policy Meeting Minutes and the National Core CPI could have an impact on the early morning.

CAD/JPY Under Massive Pressure!

Technically, you can see that the price found resistance at the 97.29 level and now it has turned to the downside. After the last massive drop, a temporary rebound was natural . Now, it has dropped below the minor uptrend line which represented dynamic support.

It challenges the 96.80 former low. This is seen as static support. You can see that the price registered a false breakdown through this obstacle earlier today.

CAD/JPY Forecast!

A valid breakdown below 96.80 and a new lower low, a bearish closure below 96.72 validates more declines and brings new selling opportunities. The first downside target could be represented by 96.61.

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