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CADJPY: Running Into a Brick Wall of Resistance
By DailyFX Updates | August 24, 2007
CAD/JPY has had an impressive rally over the past two trading days but right now it is running into a brick wall of resistance. On the daily charts, today’s high is coincidently (or not so coincidently) the 20-day SMA and 50% fibonacci resistance of the 118.22-103.50 bear wave. This is also the breakdown point from August 14, 2007 as well as the 100-day SMA. Of course, this wall of resistance could be overcome, but if we fail to break above 111.75, the recovery off of 103.42 would have come to an end. A triangle is forming on the hourly charts so it is difficult to tell whether the break will be to the upside or not.
Tags: forex news, forex trading
Topics: DailyFX.com Updates |
August 25th, 2007 at 10:10 am
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August 27th, 2007 at 11:47 am
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