For Traders

Analytical Reviews

Technical analysis

26.06.201509:00 Forex Analysis & Reviews: CAD/JPY cycle up begins

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Following my previous analysis, CAD/JPY tested the key support S1 (99.76) once again as well as 200 moving average. They both were rejected yesterday.

According to the Fibonacci Time Zone indicator, a new UP cycle could be emerging now that should result in a new higher high. If that is true, CAD/JPY will offer a great risk/reward opportunity.

Consider buying CAD/JPY near S1 (99.76), targeting R4 (101.68). A break below S2 (99.45) will invalidate this analysis and could send the pair lower to test the area of 98.5.

Support: 99.76, 99.45

Resistance: 100.12, 100.49, 100.94, and 101.68

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.