CADJPY broke last month the accelerated uptrend line extended from June this year. Since then, the price have drawn the highs and lows on lower levels.
As you can see in the daily chart below, the correction after the recent downward impulse led the pair to resistance at 89.60, which also previously acted as a support. There was also an inside bar where 4 candles were included in the daily candle set on November 7th.
Yesterday price broke the bottom of the mentioned inside bar. However, the price on close of the session returned to the range of mother candle. Today, however, we have managed to establish a new minimum, which seems to confirm the return to declines after consolidation under resistance 89,60
The closest target now stands at 87.85, where is low from last month. On the other hand, if this level is reached, another support area falls near the upward trend line from the 2016 low.
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