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Technical analysis of CAD/JPY for August 13, 2015

With new lower and higher lows being printed, CAD/JPY is clearly in a downtrend. Throughout the decline, the price was below 200 Moving Average all the time. Currently 200 Moving Average is acting as a resistance and now it could be the starting point for another wave down.

After the breakout of the double bottom near 94.50 (S2), Fibonacci applied to the 09.07 low and 13.07 high show there is strong resistance at R2 area (96.00) that has been already rejected once and is likely to be rejected again. The bearish divergence on the DeMarker oscillator confirms bearish sentiment.

Consider selling CAD/JPY today while the rate is near R1 (95.78), targeting 161.8% Fibs area - S3 (92.87). At this point, only a daily close above R2 should be able to reverse CAD/JPY to the upside and could be used as an exit signal of short positions.

Support: 95.47, 94.48, 92.86

Resistance: 95.78, 96.08

cadjpy-h4-instaforex-group-2.png

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