CADJPY lost its shine as weak crude oil prices put pressure on the Canadian dollar. It hit a low of 106.86 and is currently trading around 106.98.
Technicals-
The pair is trading above 34- and 55 EMA in the hourly chart.
The near-term resistance is around 107.25, a breach above targets 107.70/108/108.85. The immediate support is at 106.80, any violation below will drag the pair to 106/105.
Indicator ( hourly chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index- Bearish. All indicators confirm a bearish mixed trend.
It is good to sell on rallies around 107.28-30 with SL around 107.70 for a TP of 106.
