CADJPY has broken out from the resistance level and is retesting it at the price of 97.30. This setup is a typical breakout and retest setup and has the potential to continue moving up hill towards the next resistance as shown on the charts. The bullish engulfing is strong enough to retest and continue moving up.

The descending trendline is on the verge of breaking out from the trendline. Once this trendline has broken out, market will have a trickling effect in its continuation upwards.

There is no retracement factor in this pair for now.

The EMA is bearish. We can use the EMA 50 retest as a profit taking element for the charts.

RSI is at 49. This needs to be tapped at the level of neutralization once it crosses the 50 level mark. That being said, the market needs to form a bullish momentum on the RSI as well.

CADJPY breakout and retest

Mar 17 2023