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CAD/JPY trades weak despite strong Canadian dollar. It hits an low of 102.03 yesterday and is currently trading around 102.595.
Technical Analysis
CAD/JPY is currently trading below the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 103.20; a breach above this level could shift targets to 103.60/104. On the lower side, near-term support is at 101.67 and a break below this support could lead to declines toward 101/100.
Indicator Trends
CCI (50)- Bearish
ADX (14)- Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 103 with a stop-loss set around 104 and a target price of 100.
