CAD/JPY: there are lower levels

CAD/JPY: there are lower levels

Trade idea

SELL 80.80; TP 80.00; S: 81.00

Japanese yen has broadly strengthened as the demand for it as a safe haven increased. CAD/JPY fell and it looks like it has the potential for further declines: the pair isn’t oversold yet and didn’t reach any major support. Fibonacci tool locates a minor support level at 80.85 (78.6% Fibo of the May-July advance). If the pair slips below this point, it will be vulnerable for the decline to 79.95 (June low). This is in line with the general downtrend. At the same time, if the pair manages to get above 81.20, the next levels to watch will be at 81.60 and 82.00.

CADJPY.png

Similar

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

Latest news

EUR/CHF looks ill

This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.

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