CAD/JPY on the way to reach 92.16 in a long-term basis

CAD/JPY on the way to reach 92.16 in a long-term basis

2019-11-11 • Updated

A strong demand zone has been found between 81.83 and 79.73 (50% - 61.8% Fibonacci retracement levels), where CAD/JPY managed to resume the bullish bias held since November 2016. Such rebound could help the pair to reach the long-term target placed around 92.16, where it’s located the -23.6% Fibonacci retracement zone. To the downside, pullbacks should be limited by the 200 SMA at Daily chart.

The RSI indicator in this timeframe still favors the bullish bias, but it’s entering the overbought territory, favoring to possible corrective pullbacks that should help to erase overbought levels across the board.

CADJPYDaily.png

Similar

USD/CAD Short Trade
USD/CAD Short Trade

USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.

Eyes on Bank of Canada's decision today
Eyes on Bank of Canada's decision today

All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.

Latest news

TRADE IDEA: GOLD BREAKDOWN
TRADE IDEA: GOLD BREAKDOWN

A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone

TRADE IDEA: IS THE US DOLLAR'S STRUGGLE OVER YET?
TRADE IDEA: IS THE US DOLLAR'S STRUGGLE OVER YET?

The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.

TRADE IDEA: IS THE FUTURE OF GOLD CLEAR YET?
TRADE IDEA: IS THE FUTURE OF GOLD CLEAR YET?

For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera