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CAD/JPY gained sharply on board-based Canadaian dollar buying. Now trading around 115.96, it reached an intra day high of 116.02.
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 116.20; a breach above that level could shift targets to 117/118/120. On the lower side, near-term support is at 115 ,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)- Bullish
Trading Strategy Recommendation
It is good to buy on dips around 115.28-30 with a stop-loss at 114 for a target price of 118.
