23 Mar 2015
CAD/JPY: Neutral/bullish bias
FXStreet (Guatemala) - CAD/JPY is currently trading at 179.08 with a high of 179.70 and a low of 178.15.
CAD/JPY has moved to the upside and in to the 179 handle having broken the resistance of the short term sideways channel that was formed at the start of this week, with a double top at 178.80 that actually gave way on the third attempt, holding the level and attracting demand to go the extra 20 pips. A break of 179.30 puts the cross into positive territory.
However, from a broader sense, analysts at TD Securities explained that the CAD looks well-supported in the mid/upper 94 area but added that the rangey feel of the market that was evident at the start of the month remains intact. "Slack trend momentum continues to favour neutral, sideways range trading."
CAD/JPY has moved to the upside and in to the 179 handle having broken the resistance of the short term sideways channel that was formed at the start of this week, with a double top at 178.80 that actually gave way on the third attempt, holding the level and attracting demand to go the extra 20 pips. A break of 179.30 puts the cross into positive territory.
However, from a broader sense, analysts at TD Securities explained that the CAD looks well-supported in the mid/upper 94 area but added that the rangey feel of the market that was evident at the start of the month remains intact. "Slack trend momentum continues to favour neutral, sideways range trading."