Technical analysis CADJPY for 07.09.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 109.110. The closest support is the level 107.970

Key levels

• 110.800, 109.900, 109.110, 107.970, 107.100, 106.350

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 109.110, with Take Profit of 109.900 and Stop Loss of 108.600

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 107.970, with Take Profit of 107.100 and Stop Loss of 108.600