CAD/JPY finds support in SMA

Source: Dukascopy Bank SA


The surge of the CAD/JPY eventually surged above the 100.00 mark. Afterwards, a new high level zone was confirmed at 102.40/102.90, during April's trading. During the first half of May, the pair declined, before finding support in the 98.00 level and the 50-day simple moving average.

On May 18, the rate had recovered and was testing the resistance of the 2015 high level at 101.15. In the meantime, the March high level did not act as resistance to the currency pair.

A move above the 2015 high level is expected to encounter resistance in the April high levels at 102.40/102.90. Higher above, take into account that round exchange rate levels could act as resistance, before the rate reaches the 2014 high level at 106.50.

On the other hand, a decline of the Canadian Dollar against the Japanese Yen could look for support in the ascending 50-day simple moving average near 98.55. Below the moving average, the 98.00 mark might act as support on its own, before the late March low levels at 97.07/97.22 are reached.
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