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Forex: CAD/JPY soars into the US session

FXstreet.com (Barcelona) - Having sold off overnight and through the European session, CAD/JPY found support and has since reversed to post daily highs.

The pair sold off steadily, starting during the overnight session, and posted a daily low at 95.80, before making support around the 96.00 level, before launching into a steadily climb, to retrace the days losses and post a high at 97.03. The pair has met some near term resistance at the psychologically round 97.00 level and edged lower to where it is currently trading at 96.83 where the daily pivot point lies. Hourly MA´s are indicating a continuation of the uptrend, while stochastics are at 83 and edging into overbought territory. Elsewhere, RSi is at 58 and moving with an upside bias.

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