CAD/JPY Technical Analysis | CAD/JPY Trading: 2023-04-17 | IFCM Hong Kong
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CAD/JPY Technical Analysis - CAD/JPY Trading: 2023-04-17

CAD/JPY Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 100,6

Buy Stop

Below 94,6

Stop Loss

Mary Wild
Mary Wild
Senior Analytical Expert
Articles2058
IndicatorSignal
RSI Neutral
MACD Buy
MA(200) Neutral
Fractals Buy
Parabolic SAR Buy
Bollinger Bands Neutral

CAD/JPY Chart Analysis

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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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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