This article represents an update of my previous CAD/JPY forecast which can be found here – https://www.instaforex.com/forex_analysis/61990/
CA/DJPY started to move higher in fact as was expected. Although, the pair faced resistance at R1 (100.95). An uptrend remains intact and could start to accelerate today.
The S1 (100.50) support has been rejected. Now, it appears to be a bullish H4 candle traded with a good volume. I would expect a strong bullish trend today and perhaps extended to the beginning of the next week.
Consider buying CAD/JPY between the current rate (100.70) and S1 (100.50), targeting at 0% Fibs area near 101.69 (R2). The key support is S3 (99.76) at the moment and only a break below that level could reverse the trend. Although, the stop loss could be considered just below a low of 100.3 hit on June 18.
Support: 100.50, 100.13, 99.76
Resistance: 100.95, 101.69
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