CADJPY – Trend turns Positive: FXRenew

Last week’s tentative close in CADJPY above the 21 week moving average has been extended in early trading this week. The move above the average confirmed an earlier positive crossover in our RSI indicator.

This follows negative signals provided in March that saw CADJPY decline by almost 4 big figures. Since April’s low the cross has traded broadly sideways but with an increasingly positive bias which was confirmed by last week’s rise and a new bullish bias is also supported by gains through the top of a thin Ichimoku Cloud pattern.

So our forecast for CADJPY, which can be monitored on our Trend Table, is a bullish one with targets of 85.91/86.03 and 87.70/74.

The moving averages in both spot and RSI remain close however and they will be watched closely for signs that this CADJPY move is not as clear as is currently assessed.

by | Jun 28, 2017 – 7.33 am

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Source: FXRenew

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