FX.co ★ CAD/JPY Technical Correction , February 17, 2011 (Daily Strategy)

CAD/JPY

The rate rises in the world stock exchanges support the price of the Canadian dollar - Japanese Yen pair, which has been in an upwards trend for a month and a half. A downwards breach lower border will signal the beginning of the movemet southwards and serve as a trigger for a short entry with a drop potential down to the previous low support level of 82.50. On the way down one must be careful of the nearer 83.70 support level, which may serve as a key point for a partial realization of the position.