CADJPY Long
Our pivot point stands at 105.64.
Our preference:
the upside prevails as long as 105.64 is support.
Alternative scenario:
below 105.64, expect 105.22 and 104.98.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 105.74 and 105.37). Finally, the CAD/JPY has crossed above its upper Bollinger band (106.07).
Our preference:
the upside prevails as long as 105.64 is support.
Alternative scenario:
below 105.64, expect 105.22 and 104.98.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 105.74 and 105.37). Finally, the CAD/JPY has crossed above its upper Bollinger band (106.07).
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