CAD/JPY gained above 109 on board-based Canadian dollar buying. It hits an intraday high of 110.07 and is currently trading around 109.94.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 110.20; a breach above that level could shift targets to 110.50/111/111.52/112. On the lower side, near-term support is at 108.80,and a break below this support could lead to declines toward 108/107.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Neutral
Trading Strategy Recommendation
It is good to buy on dips around 109.78-80 with a stop-loss at 109 for a target price of 112.
