The CADJPY pair since beginning of this week is testing a key support area of 82.70, which has been a good performer in the past.

On the daily chart below we see how the wick of the Monday candle penetrates the mentioned support. A similar situation took place yesterday, but here the closure took place on a higher level.

Bearing this in mind, the upward revision from support at 82.70 can be expected where is also 50% abolition of strong upward movement starting in November last year.

As short-term trend remains bearish ,you can use this potential correction to look for sell opportunities. A good location where the sales signal would occur appears to be resistance area between 84.20 – 84.50.

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