You are here: Home > articles > Forex > Technical analysis – CADJPY unlocks 2-month highs; could be overbought
Technical analysis – CADJPY unlocks 2-month highs; could be overbought
August 1, 2018 10:26 amVideo
Latest News
- Technical Analysis – EURUSD dives further near 1.0600 April 16, 2024
- XM 2024 Ramadan Promotion Winners April 16, 2024
- EUR/USD and GBP/USD: Technical analysis on April 16 April 16, 2024
- Key events on April 16: fundamental analysis for beginners April 16, 2024
- Overview of the GBP/USD pair. April 16th. The pound may rebound, but the flat is over, and there are no reasons for growth April 16, 2024
- Trading plan for GBP/USD on April 16. Simple tips for beginners April 16, 2024
- Trading plan for EUR/USD on April 16. Simple tips for beginners April 16, 2024
- Overview of the EUR/USD pair. April 16th. In plain text: The ECB will cut rates in June April 16, 2024
- Forecast for EUR/USD on April 16, 2024 April 16, 2024
- Forecast for GBP/USD on April 16, 2024 April 16, 2024
- Forecast for AUD/USD on April 16, 2024 April 16, 2024
- Outlook for GBP/USD on April 16. Pound awaits inflation data April 16, 2024
- Outlook for EUR/USD on April 16. Another boring Monday April 16, 2024
- The euro hardly has a chance to rise April 16, 2024
- 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
CADJPY is back in bullish mode in the four-hour chart as Tuesday’s rally helped the market to break the range-bound trading started in mid-July and peak at a two-month high of 86.11 early today. While the MACD suggests that the market could maintain bullish momentum in the short-term as the indicator continues to gain strength above its red signal line in positive territory, the RSI, which moves in overbought territory above 70, warns that downside corrections are possible.
Should the price head lower, traders could look for support around 85.74, where the market found resistance between July 12-19. Even lower, the market could touch the 20-period (simple) moving average (SMA) at 85.36 before it retests the 85.00 round level which could be of psychological importance. A substantial close below the July 24 low of 84.24, however, would clearly resume the bearish outlook in the market.
On the upside, additional gains could try to overcome today’s high of 86.11 to reach the top of 87.08 (May 22), the highest level touched since early February. Further up, the attention would turn to the area around 88.00, a frequently approached zone between October and February.
Related Posts: