CAD/JPY on the way to reach 92.16 in a long-term basis
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A strong demand zone has been found between 81.83 and 79.73 (50% - 61.8% Fibonacci retracement levels), where CAD/JPY managed to resume the bullish bias held since November 2016. Such rebound could help the pair to reach the long-term target placed around 92.16, where it’s located the -23.6% Fibonacci retracement zone. To the downside, pullbacks should be limited by the 200 SMA at Daily chart.
The RSI indicator in this timeframe still favors the bullish bias, but it’s entering the overbought territory, favoring to possible corrective pullbacks that should help to erase overbought levels across the board.
