Daily Forex Update: CAD/JPY
AutoChartist | Jul 08, 2014 03:27AM ET
CAD/JPY continues to fall after the recent reversal from the upper resistance trendline of the 4-hour up channel that was previously identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. CAD/JPY is expected to fall to the target level 94.76 in the next 4 trading days. Autochartist set the stop-level for this forecast at 96.23 (point B). This point formed recently when CAD/JPY reversed from resistance zone lying between the 61.8% Fibonacci Correction of the preceding downward impulse from last December, the upper weekly Bollinger Band as well as the former support trendline of weekly up channel from last July – acting as resistance after it was broken.
The weekly CAD/JPY chart below shows the aforementioned resistance levels:
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