Trade of the Day: CAD/JPY
CAD/JPY recently broke the key support level 100.68, which was recently identified by Autochartist. Autochartist rate the significance of this support level at the 3-bar level – which is the result of the three earlier reversals from this price level. CAD/JPY is expected to fall toward the forecast price 100.38.
As can be seen from the weekly CAD/JPY chart below – the pair earlier reversed down from the resistance zone located between the strong resistance level 100.90, upper weekly Bollinger Band and the 50% Fibonacci correction of the downward impulse from last year. The proximity of this resistance area and the overbought weekly Stochastic increase the probability CAD/JPY will continue to fall toward the forecast price 100.38.