The Canadian dollar is still on the slide lower against the Japanese yen as the pair falls to levels not seen since late April this year. A bearish head and shoulders pattern has been activated and is currently suggesting further heavy losses in the short-term. According to the overall size of the bearish price pattern the CADJPY pair could drop towards the 86.00 support zone.
The CADJPY pair is only bullish while trading above the 88.40 level, key resistance is found at the 89.00 and the 89.60 levels.
If the CADJPY pair trades below the 88.40, sellers may test the 86.80 and 86.00 support levels.
