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CAD/JPY gained sharply on board-based yen weakness. It hits an intraday high of 106.86 and is currently trading around 106.84.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 107.35; a breach above this level could shift targets to 108.25/109/110. On the lower side, near-term support is at 105.90,and a break below this support could lead to declines toward 105/104.78/104.50/103.85/103/102.50/10.65/101/100.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Bullish
Trading Strategy Recommendation
It is good to buy on dips around 106.50-52 with a stop-loss at 105.80 and a target price of 109.
