Forex Technical Update July 7, 2010 CAD/JPY Trying to Break Below 82.00
- Daily: The CAD/JPY pair has been sliding sharply, but has paused at 82.00, the 2010 support so far.
- The weekly shows the possibility of dropping further to the 61.8% retracement level, which is at about 78.50.
- The daily shows a negative reversal target of 80. If the market breaks below 82.00, these may be the next two targets.
- 1H: The 1H chart shows a consolidation range roughly between 82 and 83.50. The support is rising. The market bounced off of 82 today, when the lows previously were 81.90 and 81.60. I will continue to stalk this pair as it consolidates. I will be waiting for a breakout preferably to the downside and a pullback.
- The first target after a break below is 80. Then 78.50.
- However if the market is able to break above 83.50, Look for a rally towards 85.25, the previous support, which may now be tested as resistance.
Fan Yang Currency Analyst Commodity Trading Advisor
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analyses.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.