CAD/JPY Chartpack - Technicals & Trade Setpack

CAD/JPY whipsaws seems deceptive in minor trend, bullish engulfing pattern breaches channel resistance – leverage yields via Double Touch Binaries:

On intraday terms, amid the current upswings, the rallies have shown failure swings at range resistance at 88.722 levels. Consequently, it has formed whipsaws pattern but is not substantiated by any other technical indicators. Bulls have managed to show the stern rallies since 8th June with minor corrections every now and then.

On a broader perspective, from last three years or so the price behavior has been sliding in the sloping channel.

The interim bulls struggling to clear stiff resistance at range resistance in short run even though bullish engulfing pattern breaches stiff channel resistance, for now, more rallies seems to be on cards as rallies spike above EMAs that are backed by intensified momentum (refer monthly charts).

Major resistances 88.712 – 88.756 areas. You could probably observe historic price behavior, failure swings have been observed at the same juncture.

RSI on the 4H chart has been diverging to the rallies, while on monthly terms signals strength as it shows upward convergence to the price rallies.

Stochastic on the intraday chart has been indecisive, while the leading indicator evidences %k crossover at overbought territory that indicates healthy momentum in the uptrend.

MACD: This indicator has been indecisive on dailies but indicates the extension of bull swings remaining below zero level.

Overall, ideal to buy at every dip, while long-term bulls should cautiously watch out for the breakout above 88.756 resistance levels.

But on intraday speculation purpose, contemplating above technical reasoning, we could foresee equal speculative chances for both bears and bulls ahead of tomorrow’s BoC monetary policy announcements, hence, double touch binary options strategy is advocated. This options trade is useful for intraday traders who believe the price of an underlying spot FX would undergo a large price movement, but who are unsure of the direction.

At spot ref: 88.683, a trader can use a double touch option with barriers at 88.772 and 88.613, thereby, 20-30 pips are reasonable to speculate this pair on either side.

Some traders view this type of exotic option as being like a straddle position since the trader stands to benefit from a calculated price movement up or down in both scenarios.

While the FxWirePro currency strength index for the CAD amid significant economic data announcements from BoC tomorrow and BoJ next week, is indicating strength by flashing +69 which is bullish , while JPY has been bearish by flashing -89.
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出