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The year has been going horribly for the CAD/JPY. After opening at 98.53 on January 1st, the currency pair lost almost 800 pips and reached a low of 90.65 in March.
Since then however, the pair has reversed and gained over 500 pips. I expect this rally to continue further. But I think that the 50% Fib retracement at 94.90 and the 38% Fib at 93.90 will constrain prices. Thus, I'm putting my target for the CAD/JPY in between these figures at 94.44.
Since then however, the pair has reversed and gained over 500 pips. I expect this rally to continue further. But I think that the 50% Fib retracement at 94.90 and the 38% Fib at 93.90 will constrain prices. Thus, I'm putting my target for the CAD/JPY in between these figures at 94.44.