CAD/JPY Price Analysis: Struggles at 100.60s and retraces towards the 100.00 figure

The CAD/JPY remained downward pressured by falling oil prices and a risk-off impulse.
From a daily chart perspective, the CAD/JPY is consolidating at around the 100.00-101.00 range.
The CAD/JPY could shift downwards if buyers fail to hold prices above the 200-DMA.

Christian Borjon Valencia FXStreet

The CAD/JPY faced solid resistance around 100.60 and retraced after posting a staggering 7.60% rally from March 24, when the pair printed its YTD low at 94.06. At the time of writing, the CAD/JPY is trading at 100.07, threatening to break below the 100.00 thresholds for the first time since April 14.

CAD/JPY Price Action

From a daily chart perspective, the CAD/JPY is neutral to upward biased, even though the pair broke above the 200-day EMA, lying at 99.90. Some fundamental news, like crude oil prices edging lower, weighed on the Canadian Dollar (CAD). In addition to the Relative Strength Index (RSI), turning flat and back-to-back bearish candlesticks could pave the way for a pullback.

If CAD/JPY breaks below the 200-day EMA, the 100-day EMA would be next at 99.26. If the pullback extends past the latter, a cluster of support lies at the 98.55/88 price level, the confluence of the 50 and 20-day EMAs, respectively., followed by April’s 5 cycle low at 97.09.

On the flip side, If CAD/JPY stays above 100.00, a test of the YTD high at 100.87 is on the cards. Once cleared, buyers could pose a threat to crack the 101.00 psychological level, followed by the next resistance, the November 30 high at 103.47.

CAD/JPY Daily Chart

CAD/JPY

Overview
Today last price	100.07
Today Daily Change	-0.10
Today Daily Change %	-0.10
Today daily open	100.17

Trends
Daily SMA20	97.99
Daily SMA50	98.5
Daily SMA100	98.35
Daily SMA200	102.32

Levels
Previous Daily High	100.6
Previous Daily Low	100.03
Previous Weekly High	100.41
Previous Weekly Low	97.62
Previous Monthly High	100.64
Previous Monthly Low	94.07
Daily Fibonacci 38.2%	100.25
Daily Fibonacci 61.8%	100.38
Daily Pivot Point S1	99.93
Daily Pivot Point S2	99.7
Daily Pivot Point S3	99.36
Daily Pivot Point R1	100.5
Daily Pivot Point R2	100.84
Daily Pivot Point R3	101.07

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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