The CAD/JPY, like most Yen crosses this week is continuing to look rather bullish. In the case of the CAD/JPY we see that it reached a resistance area at 95.00 then spent the last 16 hours consolidating and is now poised to push through resistance and head higher. the pair also broke a descending trend-line on the 4 hour chart and held its ground outside of this line adding to the bullish outlook. With resistance strong at 95.00 and 95.50 traders will need to be cautious until we can close above the 96.50 level. 97.50 will then be the most likely target on the way back up potentially to parity. Support below is at 94.50 (this pair likes round numbers!) and again at 94.00. Happy Trading!
