CAD/JPY likely heading higher
The CAD/JPY has pulled back a little after rising for 5 straight weeks, hurt by the sell-off in oil and the slight risk off tone across the financial markets.
However, the trend for the CAD/JPY is still bullish and we favour looking to fade the dips at or near support -- until the charts tell us otherwise.
One such support level is around 99.35ish, which was resistance in the past. It is possible the CAD/JPY may bounce here today and see rates resume higher.
Below this level, the next potential support area is around 98.75. Ideally, the bulls will not want to see the CAD/JPY go too deep below this level, for that would indicate the buyers are losing control.
Meanwhile, resistance is seen around 100.00, the psychologically important level. A clean close above this level could provide fresh impetus in the bullish reversal we have seen in the last few weeks.
By Fawad Razaqzada on behalf of FOREX.com
However, the trend for the CAD/JPY is still bullish and we favour looking to fade the dips at or near support -- until the charts tell us otherwise.
One such support level is around 99.35ish, which was resistance in the past. It is possible the CAD/JPY may bounce here today and see rates resume higher.
Below this level, the next potential support area is around 98.75. Ideally, the bulls will not want to see the CAD/JPY go too deep below this level, for that would indicate the buyers are losing control.
Meanwhile, resistance is seen around 100.00, the psychologically important level. A clean close above this level could provide fresh impetus in the bullish reversal we have seen in the last few weeks.
By Fawad Razaqzada on behalf of FOREX.com
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