25 Oct 2013
CAD/JPY holding on to 157.40 front; for how long?
FXstreet.com (Chicago) - CAD/JPY started losing the last day of the week in Asia after matched inflation results in Japan.
Strong bearish pressure
The yen’s strong start made more than one currency tremble and hit fresh lows for the Asian session. Hitting the 93.22 zone, the pair recovers the 93.30 front but remains under pressure. No Canadian data is expected later and Japan just finished up releasing its inflation results for September and October. Rest to see whether markets react to US data during the American trading session.
CAD/JPY Technical Levels
Price action reveals a pair that struggles to break through higher skies remaining capped below the 157.80 zone and trading within a 50 pips range in the past two days. On hourly charts, a trading range is evidenced although 4HR charts reveal the extension of an upward movement since last August 6th lows. Offered at 157.50, the pair oscillates between supports aligned at 157.34 (October 24th lows), 157 (October 17th lows) ahead of 156.64 (October 11th lows) and the resistances set at 157.87 (October 24th highs), 158.29 (October 20th lows) followed by 158.75 (October 19th highs).
Strong bearish pressure
The yen’s strong start made more than one currency tremble and hit fresh lows for the Asian session. Hitting the 93.22 zone, the pair recovers the 93.30 front but remains under pressure. No Canadian data is expected later and Japan just finished up releasing its inflation results for September and October. Rest to see whether markets react to US data during the American trading session.
CAD/JPY Technical Levels
Price action reveals a pair that struggles to break through higher skies remaining capped below the 157.80 zone and trading within a 50 pips range in the past two days. On hourly charts, a trading range is evidenced although 4HR charts reveal the extension of an upward movement since last August 6th lows. Offered at 157.50, the pair oscillates between supports aligned at 157.34 (October 24th lows), 157 (October 17th lows) ahead of 156.64 (October 11th lows) and the resistances set at 157.87 (October 24th highs), 158.29 (October 20th lows) followed by 158.75 (October 19th highs).