Following my previous analysis, CAD/JPY tested the key support S1 (99.76) once again as well as 200 moving average. They both were rejected yesterday.
According to the Fibonacci Time Zone indicator, a new UP cycle could be emerging now that should result in a new higher high. If that is true, CAD/JPY will offer a great risk/reward opportunity.
Consider buying CAD/JPY near S1 (99.76), targeting R4 (101.68). A break below S2 (99.45) will invalidate this analysis and could send the pair lower to test the area of 98.5.
Support: 99.76, 99.45
Resistance: 100.12, 100.49, 100.94, and 101.68
