Tuesday, April 7, 2009

Cad – yen breaks through support

Cad-Jpy 240 mins chart

cad yen 240 mins 7.4.09

The pair has broken through the .382 fib support level of around 80.5 in the past hour. This area was also where we had two previous swing highs in mid march, and as such was expected to act as support (earlier highs & lows go on to act as support/resistances). I expect there will be much more downside. Across the market, all pairs are giving off a bit of the exceptional gains made over the last few weeks.