CAD/JPY Short-Term Technical Outlook

Currency Pair: CAD/JPY
Chart: 60 Min Charts
Short-Term Bias: Short

Fading risk sentiment has dragged on the CADJPY over the last six sessions, and has led the pair to break below major support levels this week. After falling to an intraday low of 87.63 during the Asia session, the pair has bounced back to hold near 89.80, but I anticipate the downward momentum to lead the pair lower over the next few days. Choppy price action suggests that the pair may continue to bounce around in its current range between 88.00 and 92.00 for the remainder of the trading day, but I expect the pair to end the day near its intraday low.

DailyFX

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