You are here: Home > articles > Forex > Technical Analysis – CADJPY plummets to new almost 8-month low
Technical Analysis – CADJPY plummets to new almost 8-month low
February 13, 2018 3:26 pmVideo
Latest News
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
CADJPY has plummeted aggressively today as it posted a fresh an almost 8-month low of 85.37. The pair has been underperforming breaking below the 50.0% Fibonacci retracement level near 86.00 of the up-leg with the low of 80.55 and the high of 91.65. The short-term technical indicators are bearish and point to more weakness in the market.
Having a look at the daily timeframe, the momentum indicators are holding in the negative territory. The MACD oscillator slipped below its trigger line in the bearish area, while the RSI indicator is pointing to the downside in the negative territory. Moreover, the price has fallen below the Bollinger Band, signaling bearish tendency.
If price action drops below the 85.45 barrier, it could open the way for the next immediate support of 61.8% Fibonacci mark of 84.78. Clearing this key level would see additional losses towards the 84.55 support obstacle.
Upsides moves are likely to find resistance at the 86.70 barrier. Rising above this area would help to endorse the focus to the upside towards the 38.2% Fibonacci level of 87.40 and 87.80.
Related Posts: