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.
