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Short

CAD/JPY Short Term Outlook

FX:CADJPY   Canadian Dollar/Japanese Yen
76 0 0
CAD retreated after making high of 95 on account of weak oil             prices and softer manufacturing data released on Wednesday. Overall trend is weak as long as resistance 95.20 (23.6% retracement of 106.49 to 91.72) holds.

On the upside minor resistance is around 93.65 and break of will take the pair to 94.50/95.

The pair’s minor support is around 93 and indicative break below would drag the prices further down till 91.75/90.51.

Indicators (4 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell

Recommendation: Sell CAD/JPY             around 93.30-35, SL 93.65, Target 91.75.
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