EUR/JPY: 123.70 awaits
EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
CAD/JPY turned down
Information is not investment advice
CAD/JPY recovered last week to the 78.00 area (38.2% Fibonacci of the February-March decline), but then turned down again getting back below the 50-period MA on the H4. On the H1, the pair formed a lower high. The resulting pattern resembles a bearish “Head and Shoulders”. This allows expecting a short-term top and a retest of support line in the 75.30 area. The outlook for the pair will improve only if the price gets above 78.50.
Trade ideas for CAD/JPY
SELL 76.15; TP 75.30; SL 76.30
Elizabeth Belugina
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