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CAD/JPY Technical Analysis - CAD/JPY Trading: 2023-04-17
CAD/JPY Technical Analysis Summary
Above 100,6
Buy Stop
Below 94,6
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
CAD/JPY Chart Analysis
CAD/JPY Technical Analysis
On the daily timeframe, CADJPY: D1 is moving towards the upper border of the downtrend. Before opening a buy position, he must overcome the 200-day moving average line. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if CADJPY: D1 rises above the 200-day moving average of 100.6. This level can be used as an entry point. Initial risk cap is possible below the Parabolic signal, the last down fractal, and the lower Bollinger band: 94.6. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After making a trade, the most cautious traders can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (94.6) without activating the order (100.6), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - CAD/JPY
Inflation data will be released this week in Canada and Japan. Will CADJPY quotes continue to rise?
The Canada Consumer Price Index (CPI) for March will be released on April 18. Inflation is expected to fall to 4.3% y/y (below the CB rate). A similar Japan CPI indicator will be released on April 21st. Recall that on April 12, Bank of Canada kept the rate at 4.5% for the 3rd time in a row. Its next meeting will be on June 7th. In turn, the meeting of the Bank of Japan will take place much earlier than April 28. It has kept the rate negative (-0.1%) since January 2016. The loose monetary policy of the Bank of Japan may contribute to the weakening of the yen. Note that in addition to inflation this week, many more economic indicators of Canada and Japan will be published
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