CAD/JPY: Resistance is Resistance Until Proven Otherwise
Updated
I'm not advocating shorting in front of the weak yen freight train. But if you happen to be long, you might consider lightening up if prices continue to stall at 108.60 (ORANGE). Aggressive types can entertain shorts with tight ~25-30 pip stops. If we see a break lower, the obvious attraction lower is 107.87 (GREEN) and 107.65 (PURPLE).
Aspen S/R's in action.
Aspen S/R's in action.
Note
CAD/JPY is now back below 108.79 (ORANGE) a week after I posted this update. This failure to hold above suggests we are now turning lower. Yes, 106.81 (RED) is not out of the question in the days/weeks ahead.S/R's in action and keeping things objective.
Note
Damn, 106.81 was nearly tagged, the low was 107.09!I'm still expecting 106.81 to give way in the days/weeks ahead.
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