The CAD/JPY currency exchange rate traded downwards during last week’s trading sessions after it reversed south from a psychological resistance level at the 83.50 regions.
It is important to note that the currency pair is pressured by the 200– period simple moving average, currently located at the 81.82 area. Thus, it is likely that bullish traders could continue to prevail in the market within this week’s trading sessions.
However, if the resistance level, formed by the weekly R1 at 83.30 holds, a reversal north could likely follow.
