Short Opportunity On Loonie-Yen Pair?

August 28, 2013 (8:30 pm) – The CADJPY pair has rallied after it has fallen to a low of 92.27. However, the pair might see a resistance at its previous support at around 93.25. A presence of a hidden bearish divergence where the price marks lower highs while its stochastics draw higher highs plus an overbought condition suggest a likely rally rise of the Japanese yen versus the Canadian dollar in the near term. If the pair fails to move above 93.25, then it can weaken back to at least 92.50. On the other hand, a move above 93.25 may send the loonie higher towards 93.50 or even to 93.75.

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