CAD/JPY was capped from the resistance level around 82.63 and has formed a falling wedge pattern on the 4H chart. The formation has 45% and 73% magnitude within 53 bars.
The price recoiled from the resistance level around 81.86, then decreased to its three month low around 79.19. The SMA200 indicator continue to decrease showing that a long-term trend-change is possible. Bearish traders may focus their attention on the support level around 79.12, where the pattern's support level stands. If the price breaks this level, the first target for short traders could be around 78.12.
Pair's bias on the 1D and 1W timeframes remains neutral, showing bulls' and bears' force balance. The long traders may focus their attention on the key level around 79.65. If the price pierces this level, the initial target could be around 80.58, where the previous local high stands.