CAD/JPY 4H Chart: Moving towards target - Trade Pattern Ideas - Dukascopy Bank
Mon, 19 Nov 2018 07:25:19 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
Sell
Aggregate
⇒
⇒
⇒
The Canadian Dollar has been depreciating against the Japanese Yen after the currency pair hit the upper boundary of a long-term ascending channel pattern at 89.00. This decline could be considered as retracement from the upper border of the dominant descending channel.
Everything being equal, it is likely that the currency exchange rate continues its decline towards the bottom border of the dominant channel pattern at 84.85 during the following trading sessions.
However, it is important to note that a support level at 85.35 could hinder the CAD/JPY currency exchange rate from hitting the target soonest.
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