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CAD/JPY- Possibility of correction ahead of weekend

FX:CADJPY   Canadian Dollar/Japanese Yen
Resistance – 86.21, 86.84, 87.72

Support – 85.45, 85.17, 84.81

  • Bearish price-RSI divergence on the hourly chart could fuel a rebound from 85.45 (23.6% of 106.51-78.94) towards daily high of 86.21, which if breached could yield 86.84 (10-DMA) levels.
  • On the other hand, an hourly closing below 86.45 would expose 50-DMA and 100-DMA level of 85.17 and 84.81 respectively.
  • Also note that US and European desks are heading into an extended weekend, given the trading holiday on Monday.
  • Hence, profit taking on JPY shorts could be seen, helping the cross move higher.
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