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CAD/JPY Trading at Key Support Area

Looking at the 4H chart, CAD/JPY can been seen as Bearish to Neutral in 2014. The pair has flattened since February, but a dip in March has sent the pair back near the 2014 lows around the 91.00 handle. 


(CAD/JPY 4H chart)

The daily chart shows that this support zone extends back in 2013. Note that in January, this area provided resistance. If the market pushes below 90.50, it can open up the the next support area around 88.40.


(CAD/JPY Daily chart)

Technically, this area around 91.00 could be considered for a buy off support. But we to see some bottoming action in the 1H chart before attempting a long position after such a strong dip last week. 

Even then, I would consider taking target early in case the prevailing bearish mode extends after a brief bounce off support.