CAD/JPY Consolidation Continues

CAD/JPY is trading right about between resistance and support in the shot-term outlook. The pair registered a move to the upside in the beginning of the month and has now reached immediate resistance in the face of 87.00

Short-term resistance is seen at prior highs at 88.80, while short-term support awaits at 84.78, the two latest lows.

The pair is expected to continue trading in that range due to low volatility and fundamentals. During the consolidation period, market participants would most probably wait for a break out of either sides before making their decision. However, the predominant trend is bullish with strong resistance at 89.00.

Chart: CAD/JPY H4