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.
