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Instrument: CADJPY
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 89.918 with take profit at price 90.068.
Bearish Preference:
A sell position is envisaged if price trades below price 89.625 with take profit at price 89.427.
Fundamentals:
No major fundamental.
Comment: CAD/JPY rates have maintained their uptrend from the March and November 2020 lows unlike its CAD/USD brethren, but like its counterpart, a bullish falling wedge appears to be the predominant short-term pattern that’s guiding price action.
With CAD/JPY rates above their daily EMA envelope, which is in bullish sequential order, daily MACD rising while above its signal line, and daily Slow Stochastics achieving overbought territory, bullish momentum is firming and will continue on this trend.
Analysis: SCRUM Team
