CAD/JPY Slides Under Bearish Pressure
The Canadian Dollar (CAD) against the Japanese Yen (JPY) has been experiencing downward pressure, as sellers maintain their grip on the market. According to traders, the pair's ongoing struggle below major moving averages is a key factor contributing to its decline.
The technical indicators are also pointing towards oversold conditions, with the Relative Strength Index (RSI) at 32.83 and the Commodity Channel Index (CCI) at -301.41 indicating strongly negative momentum.
Analysts note that the CAD/JPY is trading below its 20-, 50-, and 200-day moving averages, confirming sustained bearish momentum across all timeframes.