CAD/JPY 4H Chart: Supported by 50– period SMA - Trade Pattern Ideas - Dukascopy Bank
Wed, 18 Sep 2019 06:02:06 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Buy
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇗
⇘
The Canadian Dollar has increased its trading range against the Japanese Yen. The currency pair bounced off from the lower boundary of a junior ascending channel at 78.50 on August 28 and had since reached the upper border of the junior channel pattern at 81.97.
Currently, the 50– period simple moving average is providing support for the exchange rate at 81.67.
If the support level holds, the CAD/JPY currency pair could continue to gain strength during the following trading sessions.
However, if the currency exchange rate passes the 50– period SMA, the next target for the bears would be near the weekly S2 and the monthly PP at 80.35.
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