BabyPips.com FX-Men Team
BabyPips.com
CAD/JPY: 1-hour
After hitting support around the 81.50 area, CAD/JPY has pulled back and is encountering resistance at the 82.25 zone. This isn’t exactly surprising, since it’s right smack at a previous support, 38.2% Fib retracement level, and 100 SMA roadblocks. Talk about being locked in tight! The cherry on top of the bears’ sundae is Stochastic’s overbought signal. Think the Loonie will see more losses against the yen? A short trade with stops above the SMA could get you decent pips if you believe that CAD/JPY is set to make new lows. On the other hand, you could also wait for a break above the SMAs on the 1-hour time frame if you’re one of the Loonie bulls.
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