CADJPY tests 200 day MA/61.8% retracement

Technical Analysis

Author: Greg Michalowski | cadjpy

Key level from a technical perspective

The CAD is getting stronger against the USD (see post here). It is also moving higher vs the JPY.

Key level from a technical perspective
The CADJPY moved above its 100 day moving average yesterday (currently at 78.953) and has raced even higher today to test its 200 day moving average at 80.515 (green line in the chart above).  

Also being tested is the 61.8% retracement of the 2020 trading range. That level comes in at 80.537. 

Needless to say the dual technical levels represent an important barometer for both buyers and sellers.  The buyers would want to see a break (and stay above) with continued upside momentum. 

The rally sellers will be looking at this area as a low risk trading opportunity (with a stop above). 

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