Forex Investment and Currency Trading

CAD/JPY –The cross got no traction whatsoever from previous day’s small “hammer” reversal signal and peeling sharply lower last Friday, the market has set a new low and is very close to the low end of the longer term bear target range of 70-73. Below long term trend support at 85.91, this cross is poised to remain much better offered on rallies. Major support below the 70 level at 68.63 (Dec 1999 low) and 57.85 (all time low form 1995). Minor resistance stands at 76.85/77.05 and while above 80.10 relieves immediate bear pressure, stronger resistance now between 84.70/85 should cap. Look to sell rallies while below long term trend support.