Forex technical analysis: CADJPY getting hammered
Tests 100 day MA at 88.189
As the USDCAD moves higher and the USDJPY moves lower, the CADJPY is getting hammered.
Looking at the hourly chart above, the pair stalled at the 100 hour MA above at 89.343, fell below the 200 hour MA and the 100 bar MA on the 4-hour chart at 89.29 and 89.09 respectively, and has just moved to test the key 100 day MA at 88.818. The price has dipped below the MA line to a low of 88.77 but you can see that there is a little reluctance as traders digest the sharp fall at the key level. Key support.
The pair is also testing the 50% of the move up from the end of October low. So there are a couple reasons to stall the fall at the current level.
Although there may be a bounce off the support, I would expect a rebound toward 89.03-09 to be sold.