Back
26 Mar 2013
Forex Flash: CAD/JPY, risk of broader correction growing – TDS
FXstreet.com (Barcelona) - CAD/JPY is last at 92.47, about flat for the week, but recovering on BoJ Kuroda's comments from recent fresh 2-week lows at 91.46, following recent pressure in the cross, TD Securities Toronto FX Research Team say.
In the bigger picture though, “the cross is consolidating between 88.40/94.50 but weekly price signals suggest that the medium-term CAD/JPY rally has stalled (two consecutive weekly “doji” candles now),” the analysts add, “and the risk of a broader correction may be growing,” they suggest. “Trend support at 91.10 may come under more pressure,” the Team advances, concluding: “Key support is 88.40 (range low and 94.50 double top trigger).”
In the bigger picture though, “the cross is consolidating between 88.40/94.50 but weekly price signals suggest that the medium-term CAD/JPY rally has stalled (two consecutive weekly “doji” candles now),” the analysts add, “and the risk of a broader correction may be growing,” they suggest. “Trend support at 91.10 may come under more pressure,” the Team advances, concluding: “Key support is 88.40 (range low and 94.50 double top trigger).”