CAD/JPY Bearish Below March High; Break Sub-84.57 Fuel Losses

CAD/JPY Bearish Below March High; Break Sub-84.57 Fuel Losses

14 April 2016, 22:39
Mohammad Soubra
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CAD/JPY Bearish Below March High; Break Sub-84.57 Fuel Losses


Talking Points

  • CADJPY Rebound at risk- on the lookout for short-triggers
  • Resistance at 86.21/ Broader Bearish invalidation at March high
  • Updated targets & invalidation levels

CADJPY Daily

 

Technical Outlook:Earlier in the month I highlighted the reversal off a key confluence resistance at basic trendline extending off the June highs. The decline extended into the low-week close (daily reversal close) at81.69 before rebounding. The near-term advance is once again approaching key areas of resistance with our broader outlook weighted to the short-side while below the 2016 high-day close at 85.53 with a breach above the March high needed to shift the focus higher. Interim support rests with the lower median-line parallel / 84.55 with a break below this region targeting the 50-line (red) & the 81.19Critical support rests at 80.60 – a level defined by the 2016 (January AND February) low day closes.

 

continue....

https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2016/04/14/Forex-CADJPY-Bearish-Below-March-High-Break-Sub-84.57-Fuel-Losses.html 

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