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CAD/JPY: On Its Way To Support At 88.90

Published 12/08/2015, 12:49 PM
Updated 03/09/2019, 08:30 AM
CAD/JPY
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CAD/JPY - on its way to support at 88.90

Today CAD/JPY broke below support at 90.70 level. Currently declines stopped at weak support at 90.10 and we should see a return movement attempt. If price will move back above 90.70, today's movement will be a false breakout and next targets for upward movement will be the levels 91.20, 91.80, 92.40. More likely scenario is rebound - if price could reach 90.70.

Since August 25, CAD/JPY moves in consolidation between 93.00, 88.90. Last time at November 19, price tested upper limit of consolidation, so there is a huge probability that right now lower limit of consolidation 88.90 will be tested. Breaking one of the pointed levels will give us a confirmation of consolidation end.

CAD/JPY 4 Hour Chart


Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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