The Trend of the Day - CAD/JPY
After about a week of profit taking, CAD/JPY looks ready to resume its uptrend. Currently trading at 88.21, CAD/JPY remains bullish as it trades above its daily 200 SMA. Price is testing the, not so commonly used, 23.6% Fibonacci. Stops can be placed 10 pips below the January 12th low of .8726 with a 2:1 risk reward.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.