CAD/JPY Edges Higher Amid Ongoing Bearish Pressure

The Canadian Dollar (CAD) has edged higher against the Japanese Yen (JPY), also known as CAD/JPY, due to ongoing technical resistance from sellers. The pair tested its session high but appears limited in its upside momentum.

CAD/JPY is still trading below key short-, medium-, and long-term moving averages, which indicates that bearish pressure persists across various timeframes. Momentum indicators such as MACD, ADX, and Bull/Bear Power confirm seller dominance, while RSI and CCI point to mildly oversold conditions.

The pair is expected to remain in a range of ¥113.15 to ¥114.71 over the next five trading days, with a high probability of a downward move. The nearest ceiling for CAD/JPY is its session high at ¥113.94, while initial support is at the Ichimoku Kijun line of ¥113.62.