22 Jul 2014
CAD/JPY: Downside favoured - TDS
FXStreet (Bali) - TDS FX Strategists still favour the downside in CAD/JPY, noting a well-defined short term trend lower.
Key Quotes
"CADJPY continues to pressure major support in the low 94 area. Despite failing to hold last Friday’s channel break, we still rather favour the downside for the CADJPY."
"The short-term trend lower from the early July high at 96.22 is well-defined and relatively well-entrenched on the short-term charts. Intraday rebounds should be limited to the mid 94 area, ahead of another push lower."
"We think a clear and sustained push under 94.00/25 should prompt the CAD to fall back to the low 92 area fairly quickly."
Key Quotes
"CADJPY continues to pressure major support in the low 94 area. Despite failing to hold last Friday’s channel break, we still rather favour the downside for the CADJPY."
"The short-term trend lower from the early July high at 96.22 is well-defined and relatively well-entrenched on the short-term charts. Intraday rebounds should be limited to the mid 94 area, ahead of another push lower."
"We think a clear and sustained push under 94.00/25 should prompt the CAD to fall back to the low 92 area fairly quickly."