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CAD/JPY Pullback Alert: Buy-on-Dips Strategy Ahead of 118 Push

CAD/JPY pared some of its gains as Canadain dollar loses its momentum.  Now trading around 114.80, it reached an intra day high of 115.20.

Technical Analysis

CAD/JPY is currently trading above  the 34- and 55-EMA  and  200 EMA and 365 EMA on the 4-hour chart. The immediate resistance is at 115.25; a breach above that level could shift targets to 116/117/118/120. On the lower side, near-term support is at 114.60 ,and a break below this support could lead to declines toward  114/113/112.35/111.80/110.

Indicator Trends

 CCI (50)- Bullish

ADX (14)-  Neutral

 

Trading Strategy Recommendation

It is good to buy on dips around 114.58-60 with a stop-loss at 114 for a target price of 118.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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