8 Apr 2015
CAD/JPY consolidates the bull rally placed on 96 handle
FXStreet (Guatemala) - CAD/JPY is currently trading at 96.20 with a high of 96.27 and a low of 96.13.
CAD/JPY has consolidated the strong bullish trend having flirted with both extremes of the 94/96.50 range in place since February, as noted by analysts at TD Securities. . The theme fundamental to the cross has been a come back in the greenback since last week's dismal NFP's results although oil has been better bid also while the Yen was weakened in to the 120's. Domestically for Japan, we have the BoJ meeting where markets expect there to be announcements of further easing measures.
Technically, the analysts at TD Securities explained that the short-term trend momentum is positive but the longer-term studies are still bearish. "The lack of alignment here leaves us with a very low conviction view of the CAD’s potential to extend higher (mixed trend signals rather favour range trading). A break and hold (through Friday) above 96.80 (the early March high) would support the impression that there are more gains to come."
CAD/JPY has consolidated the strong bullish trend having flirted with both extremes of the 94/96.50 range in place since February, as noted by analysts at TD Securities. . The theme fundamental to the cross has been a come back in the greenback since last week's dismal NFP's results although oil has been better bid also while the Yen was weakened in to the 120's. Domestically for Japan, we have the BoJ meeting where markets expect there to be announcements of further easing measures.
Technically, the analysts at TD Securities explained that the short-term trend momentum is positive but the longer-term studies are still bearish. "The lack of alignment here leaves us with a very low conviction view of the CAD’s potential to extend higher (mixed trend signals rather favour range trading). A break and hold (through Friday) above 96.80 (the early March high) would support the impression that there are more gains to come."