CAD/JPY: Daily
First up is this potential swing trade on CAD/JPY’s daily forex chart. The pair recently broke below support around the 94.00 major psychological level then dipped to a low of 87.45 before pulling up. Using the Fib tool on the latest swing high and low shows that the 50% Fibonacci retracement level is right smack in line with the broken support, which might now hold as resistance from now on. In that case, a move back towards the previous lows might be seen. Note that the 100 SMA is below the 200 SMA, which confirms that further losses are possible, but an upside break past the 61.8% Fib could spur a move back up to the swing high at 101.15.
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