CAD/JPY trades above 111 on yen weakness. It hit a high of 111.45 yesterday and is currently trading around 111.22.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 111.50; a breach above that level could shift targets to 111.80/112.10/113/114/114.69. On the lower side, near-term support is at 110.68, and a break below this support could lead to declines toward 110/109.50/108.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Bullish
Trading Strategy Recommendation
It is good to buy on dips around 110.78-80 with a stop-loss at 110 for a target price of 114/114.69.
