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CAD/JPY Threatens Bearish Continuation at Key ST Pivot

The CAD/JPY has bearish in the medium-term, but has been consolidating this week just above the 94 handle. The 1H chart shows the market forming a price bottom and rallying to 95.45 before retreating. The dip from 95.45 was part of the reaction to today's Canadian jobs data. 

CAD/JPY 1H Chart 8/7
(click to enlarge)

Now, price is at a key level around 94.55-94.60. Her we have a key support/resistance pivot area, and the 100-hour simple moving average (SMA). The RSI is also cracking 40. IF price closes below 94.50 and the RSI below 40, CAD/JPY would likely be in a bearish continuation mode, which would put he 94.00-94.05 area in sight next week. Now, if price can hold above 94.50 and climb back above 95.00, teh pressure would remain on 95.45, and the mode would likely be a short to medium-term bullish correction or some flatter type of consolidation. 

CAD/JPY Daily Chart 8/7
(click to enlarge)

In the daily chart we can see that 2015 price action has been split into two periods. CAD/JPY wsa bullish in the first half of the year for the most part, but started to retreat late June. Now, the 93.75-94.00 area consists of some common support factors. Below that the 91.73 low on the year would be in sight.