CAD/JPY TRADING Technique: BEARISHCanadian Dollar sinks vs Yen, making good on Wedge and RSI divergenceBearish Engulfing candle s
CAD/JPY TRADING Technique: BEARISH
- Canadian Dollar sinks vs Yen, making good on Wedge and RSI divergence
- Bearish Engulfing candle sample hints 2-month upswing could also be exhausted
- Take a look at of key 11-year help attracts nearer, warning of tectonic bias change
Take a look at our This fall Japanese Yen forecast to see what is going to drive the worth pattern by means of year-end!
The Canadian Greenback turned sharply decrease towards the Japanese Yen as expected, making good on a bearish Rising Wedge formation strengthened by detrimental RSI divergence. The forex discovered interim help within the 81.73-83 zone. A break decrease would purpose just under 81.00 had been promoting stress to renew.
4-hour CAD/JPY chart created with TradingView
Zooming out to the weekly chart, positioning appears to recommend simply that’s within the playing cards. Costs have shaped an ominous Bearish Engulfing candlestick sample at resistance guiding them decrease for over two years. Affirmation is pending for now, however the setup’s reversal implications seem convincing.
Weekly CAD/JPY chart created with TradingView
That that is taking place towards alongside swelling danger urge for food is eye-catching. The bellwether S&P 500 index has pushed a document excessive, however a commodity-bloc forex has been battered towards the perennially anti-risk Japanese Yen. That appears to say rather a lot about underlying CAD weak point.
From right here, back-to-back…