CAD/JPY 4H Chart: SMAs crossover signals - Trade Pattern Ideas - Dukascopy Bank

Fri, 19 Oct 2018 06:01:17 GMT
Source: Dukascopy Bank SA
 

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The Canadian Dollar began to depreciate against the Japanese Yen after hitting a resistance level formed by the weekly R2 at 88.94. This decline started on October 2 and had since fallen by 3.87%.

Currently, the currency pair is trading near the upper boundary of a two-week descending channel pattern at 86.11 and could be set for a breakout.

However, given that the three SMAs is above the price level, the currency exchange rate could continue trending south during the following trading sessions. The potential target for the CAD/JPY exchange rate will be at a support cluster formed by the combination of the weekly and the monthly PPs near the 85.21 regions.


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