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CADJPY holds key daily support.  What blocked the fall?

Tumble lower found support buyers near major daily MMs

CADJPY fell sharply yesterday, and in the process moved to below 100 and 200 day MAs. The 100-day moving average is currently at 88.717. The 200-day moving averages at 88.49.

Yesterday the low hit 88.392. It was just below the 200-day moving average at the time at 88.46. Price bounced off the lower level of the 200-day moving average and closed at 88.56 – above the 200-day moving average but below the 100-day moving average.

Today’s low hit 88.59 but has since risen to an intraday high of 89.49. The current price is trading at 89.067.

Technically, the rebound near the key daily moving averages was indicative of buyer’s support. The price is also back above its 50% retracement of moving from the August 2021 low to the October 2021 high. This level stands at 88.839.

Going forward, with more or less sustained support, this increases the importance of domains for the future. Staying above the moving average is more bullish. Move below and the sellers will take more control.

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