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CAD/JPY Meets Resistance, But Mid-Dec Highs Now Within Range

JPY
  • USDJPY holds just below the session's best levels at 136.85, with spillover buying in EUR/JPY after Eurozone inflation releases helping the pair higher despite the pullback in USD strength initially posted across Asia-Pac trade.
  • USDJPY's printed the best level since mid-December this morning and is narrowing in on key resistance layered between the 100- and 200-dmas at 136.99 - 137.18. Strength through here opens 138.17 over the medium-term.
  • Similarly in CADJPY, the pair is building a base above Y100, narrowing the gap with the next upside level - horizontal resistance at 101.21. Intraday, 100.64 could slow any rallies, marking the 38.2% Fib retracement for the Oct-Jan downleg.
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