BabyPips.com FX-Men Team
BabyPips.com
CAD/JPY: 1-hour
Looks like Happy Pip is onto something with this one! CAD/JPY might be in for a selloff, as the top of its range visible on the 1-hour forex chart is still holding as resistance… for now. If Loonie bears jump in, price can fall back to the bottom of the range at the 89.00 major psychological support or at least until the area of interest around the middle. However, technical indicators are hinting that an upside break might be in the cards, as the 100 SMA is moving farther away from the 200 SMA while stochastic has just reached the oversold region. An break above the resistance at the 92.00 major psychological mark could take CAD/JPY up by an additional 300 pips, which is the same size as the range formation.
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