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20 May 2015
CAD/JPY has 98.25 as downside trigger point - TDS
FXStreet (Guatemala) - Analysts at TD Securities noted the price action surrounding a relatively subdued CAD/JPY pair overnight.
Key Quotes:
"CAD/JPY’s turn lower from last week’s peak just above 100 has extend below trend support and leaves the cross poised rather delicately right on support at 98.25, as we feared was the possible result of last week’s stalled rally."
"After two attempts at pushing above 100, we can spot 98.25 as the potential trigger for a further downward adjustment (neckline trigger for a double top). A break lower opens up the downside for a short-term drop to the mid/upper 96 area."
Key Quotes:
"CAD/JPY’s turn lower from last week’s peak just above 100 has extend below trend support and leaves the cross poised rather delicately right on support at 98.25, as we feared was the possible result of last week’s stalled rally."
"After two attempts at pushing above 100, we can spot 98.25 as the potential trigger for a further downward adjustment (neckline trigger for a double top). A break lower opens up the downside for a short-term drop to the mid/upper 96 area."