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Loonie Plunges: CAD/JPY Smashes Trendline Support, Eyes 110 Target

CAD/JPY breaks trend line support on board-based Canadian dollar weakness. It hits an intraday low of 112.77 and is currently trading around 112.82.

 

Technical Analysis

CAD/JPY is currently trading below the 34- and 55-EMA  and above 200 EMA and 365 EMA on the 4-hour chart. The immediate resistance is at 113.67; a breach above that level could shift targets to 114/115/116/116.91. On the lower side, near-term support is at 112.60, and a break below this support could lead to declines toward 112/111.69/ 111/110.50/110/109.50/109.

Indicator Trends

 CCI (50)- Bearish

ADX (14)-  Bearish

 

Trading Strategy Recommendation

It is good to sell on rallies around 113 with a stop-loss at 113.85 for a target price of 111/110.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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