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CAD/JPY Edges Lower Amid Bearish Technical Signals

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The Canadian Dollar (CAD) against the Japanese Yen (JPY) has been trending downward due to bearish technical signals and selling pressure. The CAD/JPY pair is currently trading below its key moving averages on all major timeframes, indicating a broad selling trend.

This downward momentum is underpinned by a bearish technical structure, with additional signals suggesting that supportive momentum from buyers is being constrained by the dominant downtrend.

The current price of CAD/JPY stands at ¥114.19, down 0.9436 and representing a 0.82% decrease. The forecast range for the next five days is predicted to be between ¥114.06 and ¥115.2, with a low probability of a downside break and a bias towards sideways or upside movement.

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