The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
CAD/JPY broke combined support area
- CAD/JPY broke combined support area
- Next sell target - 86.70
CAD/JPY today broke through the combined support area lying between the pivotal support level 0.8100 (which also stopped the two previous corrective waves 2 and (2), as can be seen below) and the extended support trendline from the start of August. The breakout of this support area strengthened the bearish pressure on this currency pair. CAD/JPY is expected to fall further toward the next sell target at the next support level 86.70 (multi-month low from November).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.