[B]RELATIVE CAD WEAKNESS SETS OPPORTUNITY TO FADE YEN CROSS; SELL @88.35[/B]
[B]Cad/Jpy:[/B] All of the Yen crosses look like they might want to consider rolling over following some impressive moves over the past several weeks. However, we like selling this cross the most given the relative Canadian Dollar weakness of the past few days. The recent rally has broken above rising trend-line resistance and appears to be uncomfortable outside of this line and we look for Tuesday’s doji close along with today’s failure to materially extend gains beyond 89.10 to signal the start of a more significant corrective retracement back towards previous resistance turned support in the 86.00 area. A break below 87.70 will help to confirm bias and accelerate declines. [B]Strategy: SELL @88.35 FOR AN 86.00 OBJECTIVE, STOP @90.35. Recommendation to be removed if not triggered by NY close (5pm) on Wednesday.
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[B]Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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