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CAD/JPY pared some of its gains due to profit booking. It hit a high of 105.41 yesterday and is currently trading around 104.50.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 105.50; a breach above this level could shift targets to 106/107/108.25. On the lower side, near-term support is at 103.90 and a break below this support could lead to declines toward 103.40/103/102.50/10.65/101/100.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Neutral
Trading Strategy Recommendation
It is good to buy on dips around 103.90 with a stop-loss at 103 and a target price of 107.
