CAD/JPY: Levels, Ranges, Targets

 

CAD/JPY no way  take this pair long. Current price 82.12. Averages 5 to 100 day overbought, particularly 100 day. Next, JPY/CAD is severely oversold. Supports are strong below at 80.00, 79.64 and 78.23. Above big line break located at 89.16.

At 80.00 is not only a support but its the support for JPY/CAD then CAD/JPY at 79.64. This area is solid and a great location to re load longs yet longs at current levels is not the way to go. Does this forecast sound and resemble AUD/JPY. There ya go. Same pair, same trade, same overbought at current levels.

Consider CAD/JPY correlates to USD/CAD at minus 0.05% and its a trend just underway. A higher USD/CAD will see a lower CAD/JPY.

 

Brian Twomey, Inside the Currency Market, btwomey.com

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