The Japanese yen's weakness is obvious across all its pairs, including against the Canadian dollar. The CADJPY has displayed a strong bullish uptrend after its breakout above the 92 price level, on a monthly time frame, and is now facing a historical resistance in which to overcome.
Looking at the CADJPY on the chart below, we can see that the price is currently at the supply area based on the Supply and Demand indicator and has a strong resistance at 103.381. Historically, the price has rejected at that price level and moved back lower to the decade-long demand zone at around 74.580. Traders are on the lookout right now at this strong monthly supply zone as this could be a good opportunity to take an upside position for a breakout or take a sell to the downside if it rejects at the supply zone.
