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CAD/JPY showed a minor pullback despite weak Canadian jobs data. It hit an intraday low of 101.87 and is currently trading around 103.17.
Technical Analysis
CAD/JPY is currently trading below the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 104; a breach above this level could shift targets to105/ 106/107.40/108/108.35/109.30/110. On the lower side, near-term support is at 102.80 and a break below this support could lead to declines toward 101.80/100..
Indicator Trends
CCI (50)- Bearish
ADX (14)- Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 104 with a stop-loss set around 105 and a target price of 101.50./100.
