CAD/JPY fell modestly. Now trading around 114.06, it reached a high of 114.50 yesterday.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA, 200 EMA, and 365 EMA on the 4-hour chart. The immediate resistance is at 114.50; a breach above that level could shift targets to 115/116/117. On the lower side, near-term support is at 113.45,and a break below this support could lead to declines toward 112.80/112/111/110.50/110/109.50/109.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Neutral
Trading Strategy Recommendation
It is good to buy on dips around 113.45-50 with a stop-loss at 112.80 for a target price of 115.
