CAD/JPY gained sharply on board-based Yen weakness. It hits an high of 104.86 at the time of writing and is currently trading around 103.42.
Technical Analysis
CAD/JPY is currently trading above the 34- and 55-EMA on the 4-hour chart. The immediate resistance is at 105; a breach above this level could shift targets to 106/107/108.25. On the lower side, near-term support is at 103.90 and a break below this support could lead to declines toward 103.40/103/102.50/10.65/101/100.
Indicator Trends
CCI (50)- Bullish
ADX (14)- Bullish
Trading Strategy Recommendation
It is good to buy on dips around 103.90 with a stop-loss at 103 and a target price of 107.
