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CAD/JPY - A Bullish Breakout

CAD/JPY has been consolidating mostly under 94.05 as you can see in the 4H chart. While the market is choppy, the moving averages show a bit of prevailing bullish bias. The 4H RSI also held above 40 after tagging 70, and price bounced off the 200-4H SMA several times in June, all pointing to a bullish market, albeit very choppy one.

(cadjpy 6/17, 4h chart)


The breakout today above the June resistance opens up the 95.00 handle, with the 95.90 pivot in sight as well. If on a pullback, the market holds CAD/JPY above 93.80, the bullish breakout should extend. If the market does extend above 95.00, it is likely that CAD/JPY has put in a low on the year just under 91.00.


(CAD/JPY Daily Chart)