CAD/JPY 4H Chart: Could edge lower - Trade Pattern Ideas - Dukascopy Bank
Fri, 03 Jan 2020 06:55:37 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Sell
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇗
⇗
The Canadian Dollar has been edging higher in an ascending channel against the Japanese Yen since the beginning of December. The currency pair has surged by 2.81% in value during this period.
All things being equal, the exchange rate might make a brief downside movement during next week's trading sessions. The potential target will be at the lower boundary of the ascending channel pattern at 82.34.
However, a support cluster formed by the 200– period simple moving average and the monthly S2 at 92.66 could provide support for the currency exchange rate during the following trading sessions.
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