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CADJPY Chart Supportive Of A Bounce

CADJPY Chart Supportive Of A Bounce

Paul Robinson, Strategist

Talking Points:

  • JPY crosses beaten down, looking for long opportunities
  • CADJPY trading near multiple degrees of support
  • If support zone around 9400 holds, looking for 9750-9850 area

The sharp sell-off in the JPY cross pairs has become extended, and has me focused on opportunities from the long side. When looking for contrarian trades after sharp one-way moves, I like to look for pairs which are trading near a confluence of support or resistance levels. The chart below of CADJPY shows 3 degrees of up-trend/horizontal support in conjunction with channel support from the December high. The horizontal support, ~9400, is an especially big level going back nearly a year. (Overnight low was 9410).

CADJPY Daily: Mar ’14 – Present

---Written by Paul Robinson

To contact Paul, you can email him at instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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