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Technical analysis of CAD/JPY for November 10, 2016

CAD/JPY formed a double bottom near 75.50 support level. Following a period of high volatility, it started to move higher. The pair broke above the descending channel and 200-Moving Average and seems to be ready to move higher.

Consider buying CAD/JPY on small corrections down to the target of 161.8% Fibs (82.60) applied to the last wave down. Suggested stop loss is 78.40.

Support: 75.50

Resistance: 79.60, 82.60

CADJPY_INSTA.png

The material has been provided by InstaForex Company - www.instaforex.com