Divergence on CAD/JPY

Divergence on CAD/JPY

The current technical pattern signals a possible correction of the CAD/JPY currency pair after continuous growth. A classic reversal formation, the divergence of price and MACD histogram (H4 timeframe) has been formed in the trading instrument. Quotes are testing 6-month highs. The round level of 83.000 is the nearest support. We recommend paying attention to this situation.

If the price fixes below 83.000, CAD/JPY sales should be considered. The immediate goal for profit taking is 82.450. The movement is tending to 82.000-81.700. Confirmations and market entry points should be looked for on lower timeframes. When tracking positions, we recommend using a trailing stop.

by JustForex 2019.10.30

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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