Autochartist recently identified the Key Support Level 95.176 (of the type Approach) on the 4-hour CAD/JPY charts – as you can see from the following trade opportunity alert that was earlier generated for this currency pair. CAD/JPY is expected to continue the downward movement toward the target level 95.17 in the following 8 trading days. The pair recently reversed sharply down from the combined resistance zone made out of the following levels: the resistance level 97.50 (which previously reversed the pair down in July), the 61.8% Fibonacci Retracement of the preceding sharp downward price impulse from May and the upper daily Bollinger Band (as is shown on the second chart below). The proximity of this resistance area adds to the likelihood CAD/JPY will continue to fall in the coming sessions.
The following daily CAD/JPY chart shows the aforementioned resistance levels:
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Daily Forex Update: CAD/JPY
Published 09/25/2013, 04:52 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/JPY
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