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Technical Analysis – CAD/JPY turns slightly lower

CAD/JPY 21/03/19 | EconAlerts

CAD/JPY turns slightly lower; capped by SMAs.

CAD/JPY was capped by the 20- and 40-simple moving averages (SMAs) in the daily timeframe, declining below the 50.0% Fibonacci retracement level of the drop from 89.25 to 76.60, near 82.90. Currently, the price is standing within the sideways moving Bollinger Bands while the technical indicators suggesting more losses. The RSI is falling in the negative zone and the stochastic entered the oversold territory.

Further losses could find immediate support at the 82.26 level, before moving towards the 38.2% Fibonacci of 81.42 and the 81.25 support level. Steeper declines could send the market until the 23.6% Fibonacci, which holds around the 79.65 level.

In the event of positive pressures, the market could meet resistance at the 83.96 level and then at the 61.8 % Fibonacci of 84.40, while more gains would endorse the bullish bias, surpassing the upper band of the upper Bollinger band. The next level is coming from the 85.25 level ahead of the 86.25 level.

To sum up, CAD/JPY holds a slightly neutral to bearish profile in the very short-term as the indicators are pointing down and the SMAs are turning lower.


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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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