Technicals

Add as a preferred source on Google

FxWirePro- CADJPY Daily Outlook

CADJPY continues to trade higher for a third consecutive week and hits a fresh 6-1/2 year high. The board-based weakness in yen against all majors supporting pair at lower levels. The bullish trend in the Canadian dollar…

1 min read
FxWirePro- CADJPY Daily Outlook
Image from the original EconoTimes article

Read the original article

CADJPY continues to trade higher for a third consecutive week and hits a fresh 6-1/2 year high. The board-based weakness in yen against all majors supporting pair at lower levels.  The bullish trend in the Canadian dollar is due to a jump in crude oil price pushes the prices further higher. Canada's retail sales jumped by 3.2% in Jan compared to a forecast of 2.4%. CADJPY hits an intraday high of 94.69 and is currently trading around 94.68.

On the lower side, near-term support is around 93.30 and any violation below will drag the pair down till 92.75/92/91.58.

The immediate resistance is at 95, a breach above targets 96/98. Major trend continuation only above 100.

It is good to buy on dips around 94 with SL around 93 for TP of 96.


 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560