The Canadian dollar is slipping lower against the Japanese yen as the pair falls alongside other major currencies against the yen in early-week trade. Sellers need to be carefull as the CADJPY pair could be setting up a bear trap before it reverses back towards the 91.00 level. Traders that are bullish towards the CADJPY pair may look to buy around the 88.60 level in expectation of a counter rally.
The CADJPY pair is only bullish while trading above the 89.60 level, key resistance is found at the 90.30 and the 91.15 levels.
If the CADJPY pair trades below the 89.60, sellers may test the 89.00 and 88.60 support levels.
