CADJPY trades into key swing resistance area

Long-term swing area between 91.18 and 91.72.

The CADJPY is moving higher today with the higher CAD (and lower JPY) and in the process has moved to a new high for 2021. The areas now trading at its highest level since late December early January 2017/2018.  

Long-term swing area between 91.18 and 91.72.

The prices also entered into a swing area between 91.18 (the old 2021 high) and 91.72. Those levels corresponded 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 came in 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 out.

The best case scenario for the buyers would be if the 91.18 level can now hold support and pushed toward the high extreme levels of the swing area.  

Longer-term traders looking for more upside would like to see the if there seven midpoint of the range since the 2014 high at 90.135 to hold on any corrective action.  

Potential breakout alert for the CADJPY, but for now there is still some work to be done. 

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