CADJPY on H4 chart closed yesterday under the wedge resistance (upper limit). Earlier this level was broken and the quotes set a new high around 89.06.

As you can see on the graph below, the wedge formation resistance provided support for the price for some time. However, now that the price has come back under it, it again acts as a resistance.

Additionally, the dynamic decline has led the quotes around the support of the wedge, which coincides with horizontal area near 87.35. A positive test of this area should result in a reflection back to the wedge resistance area near 88.30.

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Expecting bearish scenario, we must first see effective breakdown of the wedge support at 87.35. Then the way to the next defense zone between 86.12/43 will be opened.

CADJPY H4
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