CAD/JPY: Daily Analysis For December

 | Dec 11, 2014 07:07AM ET

103.50-55 confluence zone

CAD/JPY is in a nice downtrend (zigzag). At 103.50-55 zone we can see a confluence of previous buyers at breakout point (C3) and presumably fresh sellers along with 50.0 fib. Intra week trendline is also capping its zigzag and its very close to h4 also. Targets for the rejection are 103.00 and 102.50.