7 Aug 2013
CAD/JPY banged to fresh 5-week lows
FXstreet.com (Barcelona) - The CAD/JPY foreign exchange cross rate is currently trading at 93.60, off fresh session and 5-week lows at 93.50, on the back of great Yen strength and Nikkei selling-off more than -2% at the moment of writing.
CAD/JPY longer term bearish
“We retain a longer-term, bearish view of the cross’ prospects,” said the Toronto based FX Research Team at TD Securities, adding: “A medium-term top/reversal formed through April-June and the July rebound looked merely corrective. We continue to believe that the major directional risk for the cross is geared towards a drop back to sub-90 levels in the weeks ahead.”
CAD/JPY key technical levels
Immediate support to the downside for CAD/JPY lies at recent session/fresh 5-week lows 93.50, followed by April 15 lows at 93.43, and June 12 lows at 93.26. To the upside, closest resistance shows at June 06 lows 93.97, followed by July 11 lows 94.35, and past Thursday's lows at 94.70.
CAD/JPY longer term bearish
“We retain a longer-term, bearish view of the cross’ prospects,” said the Toronto based FX Research Team at TD Securities, adding: “A medium-term top/reversal formed through April-June and the July rebound looked merely corrective. We continue to believe that the major directional risk for the cross is geared towards a drop back to sub-90 levels in the weeks ahead.”
CAD/JPY key technical levels
Immediate support to the downside for CAD/JPY lies at recent session/fresh 5-week lows 93.50, followed by April 15 lows at 93.43, and June 12 lows at 93.26. To the upside, closest resistance shows at June 06 lows 93.97, followed by July 11 lows 94.35, and past Thursday's lows at 94.70.