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CAD/JPY Retreats to 114.06 — 4H Chart Screams Bullish, Dip Buyers Target 115 Breakout

 CAD/JPY fell modestly. Now trading around 114.06, it reached a high of 114.50 yesterday.

Technical Analysis

CAD/JPY is currently trading above the 34- and 55-EMA, 200 EMA, and 365 EMA on the 4-hour chart. The immediate resistance is at 114.50; a breach above that level could shift targets to 115/116/117. On the lower side, near-term support is at 113.45,and a break below this support could lead to declines toward  112.80/112/111/110.50/110/109.50/109.

Indicator Trends

 CCI (50)- Bullish

ADX (14)-  Neutral

 

Trading Strategy Recommendation

It is good to buy on dips around 113.45-50 with a stop-loss at 112.80 for a target price of 115.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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