Daily Forex Update: CAD/JPY

Published 04/05/2013, 05:41 AM
Updated 03/09/2019, 08:30 AM
CAD/JPY
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As you can see from the following trade opportunity alert for CAD/JPY, this currency pair today broke up above the Key Resistance Level 93.566 identified by Autochartist on the 4-hour charts. CAD/JPY is expected to rise to the target level 95.8831 in the following 12 trading days. This Key Level breakout coincided with the breakout of the major long-term resistance level 94.00 (which had previously stopped and reversed the strong uptrend three years ago – in April of 2010, as is shown on the second chart below). At the time of the writing, the pair has already risen sharply up beyond 94.00 – which increases the probability that the target level 95.8831 will be reached within the next 12 days.

<span class=CAD/JPY" title="CAD/JPY" width="610" height="375">
The following weekly CAD/JPY chart shows the previous price action close to the major resistance 94.00:

<span class=CAD/JPY 2" title="CAD/JPY 2" width="600" height="651">

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