By Anton Eljwizat – In the last two weeks of trading, the CAD/JPY experienced much bullishness, and it stands now at 88.20. However, as I demonstrate below, it seems that the pair’s bullish run may have run out of steam and a bearish correction could be underway soon. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.
• Below is the daily chart of the CAD/JPY currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI).
• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 2: The Williams Percent Range has peaked near at the 0 marker, which means that there may actually be a strong level of downward pressure.
• Point 3: The Slow Stochastic indicates an impending bearish cross, signaling that the next move may be in a downward direction.
CAD/JPY Daily Chart
Forex Market Analysis provided by Forex Yard.
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