19 Sep 2013
CAD/JPY still above 96.00 amid all the noise
FXstreet.com (Barcelona) - The CAD/JPY foreign exchange cross rate is currently trading at 96.09 near session highs little changed for the week so far, despite big intraday moves following FOMC back and forth between 95.70 and 96.30.
CAD/JPY rally remains intact
“CAD/JPY gave back some of Tuesday’s gains but the rebound from sub-96 levels suggests that the late August/early September rally remains intact,” said the TD Securities Toronto based FX Research Team, adding: “We think two tests of the low 92 area (double bottom) last month and the break above the intervening peak at 98.25 (double bottom confirmation and break out trigger) targets a move to the low 98s in the next few weeks. The 95.15/25 area is key support now.”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at recent session/Monday's highs 96.12, followed by NY session highs at 96.25, and yesterday's daily highs at 96.42. To the downside closest support lies at recent session/Friday's lows 95.85, followed by Monday's NY session lows at 95.73, and recent late NY session lows at 95.60.
CAD/JPY rally remains intact
“CAD/JPY gave back some of Tuesday’s gains but the rebound from sub-96 levels suggests that the late August/early September rally remains intact,” said the TD Securities Toronto based FX Research Team, adding: “We think two tests of the low 92 area (double bottom) last month and the break above the intervening peak at 98.25 (double bottom confirmation and break out trigger) targets a move to the low 98s in the next few weeks. The 95.15/25 area is key support now.”
CAD/JPY key technical levels
Immediate resistance to the upside for CAD/JPY shows at recent session/Monday's highs 96.12, followed by NY session highs at 96.25, and yesterday's daily highs at 96.42. To the downside closest support lies at recent session/Friday's lows 95.85, followed by Monday's NY session lows at 95.73, and recent late NY session lows at 95.60.