Buying Opportunity for the Canadian Dollar/Yen Pair Soon on the Daily Timeframe

The Canadian Dollar/Yen pair has begun to rebound after bouncing off the daily demand zones.

Currently, the pair is attempting to break the downtrend line shown on the chart, which coincides with strong supply zones on the daily timeframe.

Expected Targets

If the price breaks and closes above the identified supply zones on the chart, we expect a rise to the targets near 115.700 and then to the higher supply zones near 116.500.

Conversely, if the price falls back to the daily demand zones near 113.400, we anticipate a renewed upward move.