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CAD/JPY trades above 112 on yen weakness. It hit a high of 112.28 at the time of writing and is currently trading around 112.18.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 112.30; a breach above that level could shift targets to 113/114/114.69. On the lower side, near-term support is at 111.60, and a break below this support could lead to declines toward 110.80/110.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Bullish
Trading Strategy Recommendation
It is good to buy on dips around 111.68-70 with a stop-loss at 110.80 for a target price of 115.
