On February 25th I pointed out the 84.50 resistance area on CADJPY. It’s a level that has influenced the pair since last December. You may recall the December 18th breakdown that was good for 650 pips. My suspicion came to fruition last Friday. CADJPY not only tested the 84.50 region as new resistance, but it also carved a bearish rejection candle as a result. The pair went on to lose more ground on Monday. However, buyers did their part to keep the decline as orderly as possible. But that didn’t stop sellers from breaking a short-term trend line. I pointed this out to Daily Price Action members earlier in Monday’s ... (full story)