Forex Flash: CAD/JPY, sustainability above 90.00 exposes 95.00/97.50 - TDS
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CAD/JPY
FXstreet.com (Barcelona) - CADJPY remains well supported, says Shaun Osborne, Chief FX Strategist at TDS. However, he remains reluctant to chase this market higher; "our 88/89 bull target zone has been reachedbut there is nothing to suggest that this market is turning lower at the moment" he notes.
Mr. Osborne expands: "Intraday losses look consolidativeno obvious sign of a short-term peak, in other wordseven with the market testing the top end of the developing bull channel."
The analyst expects losses to remain limited, adding that "bull trend momentum is well entrenched across a range of timeframes which implies limited scope for weakness (88.50/89.50 range perhaps at most)." A sustained move above 90 "exposes topside for a medium-term extension towards 95/97.50" Shaun concludes.
Mr. Osborne expands: "Intraday losses look consolidativeno obvious sign of a short-term peak, in other wordseven with the market testing the top end of the developing bull channel."
The analyst expects losses to remain limited, adding that "bull trend momentum is well entrenched across a range of timeframes which implies limited scope for weakness (88.50/89.50 range perhaps at most)." A sustained move above 90 "exposes topside for a medium-term extension towards 95/97.50" Shaun concludes.
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