FxWireProCAD/JPY trades weak, close below 200- day confirms further weakness
CAD/JPY is showing a continuous selling after forming top around 88.92on Dec 15th 2016. The pair declined till 82.01. The major support is around 200- day MA at 82 and any close below will drag the pair till 80.21 (61.8%…
CAD/JPY is showing a continuous selling after forming top around 88.92on Dec 15th 2016. The pair declined till 82.01.
The major support is around 200- day MA at 82 and any close below will drag the pair till 80.21 (61.8% retracement 74.81 and 88.92)/78 in the short term.
On the higher side the pair has shown a mild jump till 83.18 on Apr 4th 2017 and it should cross 84.63 (55- day EMA) for further bullishness.
Overall bearish invalidation only below 89 level.
RSI (14) – Over bought
The momentum indicator RSI is in overbought zone and a slight jump is possible. But short term trend is still bearish and it is good to sell on rise.
It is good to sell on rallies around 83.20-83.30 with SL around 84.65 for the TP of 80.30.
