• FxWirePro: CAD/JPY trades weak, good to sell on rallies

    Source: FxWire Pro - Technicals / 25 Jan 2018 09:07:50   Eastern Standard Time

    • Major support – 88.68 (trend line joining 88.26 and 88.50).
    • CAD/JPY was consolidating in narrow range after breaking trend line support at 88.66.. It has dipped till 88.19 It is currently trading around 88.50.
    • The Japanese yen was trading high against all majors in this week after BOJ has kept policy decision unchanged. The central bank decided to hold its target of asset purchase at JPY 80 trillion.
    • The pair recovered almost 25 pips from the intraday low of 88.33 and short term trend is still weak as long as resistance 89 holds.
    • On the lower side, any break below 88.19 will drag the pair to next level till 88/87.33. Any break below 87.33 confirms short term weakness.
    • The near term resistance 89 and any break above will take the pair till 89.63/90. It should break above 90.30 (61.8% fibo) for further bullishness.

    It is good to sell on rallies around 88.6-65 with SL around 89 for the TP 88/87.35.