CADJPY 1D Death Cross but bullish divergence short-term

The CADJPY pair has gone a long way since we caught the perfect sell at the top on our September 20 2022 idea as it hit our 1W MA50 target:


The price broke even lower and touched the bottom of the Channel and the Higher Lows trend-line that started on the March 09 2020 Low, and has since been rebounding. As we mentioned on our last analysis, we can expect a sustainable rise only if the RSI breaks above its Lower Highs trend-line.

On the long-term the 1D Death Cross formed on December 27, confirms that the trend switched to bearish but on the short-term the 1D RSI Higher Lows since December 05 being a bullish divergence against the Lower Lows of the price, favors a rebound not just to the 1D MA50 (blue trend-line) but also the 1D MA200 (orange trend-line), but again we need the RSI Lower Highs break-out confirmation.

If however the pair breaks below the 1W MA100 (red trend-line) earlier, we will resume selling, targeting the 0.5 and 0.618 Fibonacci retracement levels in succession.


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