Long-term swing area between 91.18 and 91.72.
The CADJPY is moving higher today pushed by the higher CAD (and lower JPY). In the process the pair has moved to a new high for 2021. The pair is now trading at its highest level since late December/early January 2017/2018.
The price has also entered into a swing area between 91.18 (the old 2021 high) and 91.72. Those levels correspond with swing lows and swing highs going back as far as 2015 (see red numbered circles on the weekly chart above).
- The week low from January 25, 2015 was at 91.72
- The week high from September 2017 was at 91.63
- The week high from December 31 week in 2017 was at 91.57
- The high from May 30, 2021 was at 91.18
That area is a bit wide, but the ranges are bigger in the pair, and longer term the area represents a key resistance target. A move above would be a big technical break.
The best case scenario now for the buyers would be if the 91.18 level can hold support and push up toward the high extreme levels of the swing area (at 91.72).
A more conservative stop would come in at the midpoint of the range since the 2014 high at 90.135. Hold above that level, and the buyers are still in control.
Potential breakout alert for the CADJPY, but for now there is still some work to be done.
