CADJPY - 240 - Short-term outlook

FX:CADJPY   Canadian Dollar / Japanese Yen
Yesterday the Canadian Dollar surged before the US opening bell and we saw CAD gaining mainly against US Dollar and Japanese Yen . But still the currency wasn’t as strong as the other majors like AUD, EUR and GBP, where Canadian Dollar was still weaker. CAD sold-off again after the US markets closed, and we got the announcement that Gary Cohn is resigning.

Looking at the 4h chart on the CAD/JPY , we were seeing this pair gaining throughout the day, but then once the US Markets closed, the pair dropped to its support level at 81.400. The steep down-trend that started on the 2nd of February is still intact. If we get a break below the 81.400 level, then this opens the path towards the next good area of support at 80.600.

On the other hand, a move back up towards the 82.500 area, could push it closer to the previously mentioned down-ward trendline and could test it from underneath. We should be cautious at that area, as a break above that, could indicate a change in direction, at least for the short-term. If CAD/JPY does get a break like that, then the next area to watch out for would be around 83.650 and then potentially 84.450. Also, the MACD is below 0 mark, but it looks like it is aiming north, which indicates that bulls are trying to jump back into this pair.

I am Long for now, but with a Stop at 81.400
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