ForexGen Analysis Of CAD/JPY

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CAD/JPY: CURRENCY PAIR IN PLAY OVER THE NEXT 24 HOURS

The Canadian international merchandise trade balance is due for release at 8:30AM on Thursday. We believe that trade will be weak, which should weigh on the Canadian dollar. Technically, CAD/JPY remains within our “sell zone,” which is established by Bollinger Bands. As long as the currency pair holds below 101.25, which is key Fibonacci resistance, we could see a move back below 100 towards Friday’s low of 98.60.

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