Technical analysis CADJPY for 27.05.2022

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 99.250. The closest resistance is the level 99.800

Key levels

• 100.975, 100.400, 99.800, 99.250, 98.550

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 99.800, with Take Profit of 100.400 and Stop Loss of 99.250

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 99.250, with Take Profit of 98.550 and Stop Loss of 99.800