You are here: Home > articles > Forex > Technical Analysis – CADJPY edges higher after touching 16-month low of 80.55
Technical Analysis – CADJPY edges higher after touching 16-month low of 80.55
April 2, 2018 2:27 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
CADJPY has been in bullish correction mode following the bounce off the 80.55 support level. The pair posted two consecutive weekly green sessions after it recorded a 16-month low. The short-term technical indicators are endorsing the upward retracement in the price action.
Technically, in the daily chart, the MACD oscillator continues to move higher towards its zero line and also stands above its trigger line, while the RSI indicator is holding near the 50 level, suggesting that the slightly positive movement continues.
In case of a continuation of the bullish retracement, the price could touch the 40-day simple moving average (SMA), near 83.13, which overlaps with the 23.6% Fibonacci retracement level of the downleg from 91.60 to 80.55. A jump above this region could drive the pair towards the 83.50 resistance level. Moreover, if buyers manage to push above that barrier, the pair could hit the 38.2% Fibonacci mark of 84.75.
Further losses should see the April 2017 low of 80.55 acting as a major support. A drop below this zone could reinforce the bearish structure in the short-term and open the way towards the next key level of 0.7970, taken from the high in October 2016.
Related Posts: