No traces of CADJPY bulls in both major and minor bearish trend
No traces of CAD/JPY bulls, both major and minor bearish trend slide in sloping channels – Construct tunnel spreads for leveraged speculation:
CADJPY forms triple top in sloping channel on daily terms, interim bulls in major trend restrained at stiff resistance at 88.919 levels (refer monthly chart).
On daily terms, the pair has formed a triple top pattern with top 1 at 88.925, top 2 at 88.660 and top 3 at 87.973 levels with a shooting star formation. The prices gradually have been sliding after this bearish formation in the sloping channel.
On the broader perspectives, interim bulls struggling to clear stiff resistance at 88.919 (you can observe historic price behavior at the same juncture), subsequently, the spinning top occurred at the same levels.
But the interim bulls have absolutely exhausted in rallies below EMAs to drift down towards channel baseline.
RSI on both daily and monthly terms: Consistent lower lows signals downward convergence to the price dips. You could probably make out the divergence to the major downtrend that would imply that there could be some upside potential in short run, but this should not be deemed as the reversal trend as the strength in interim bull trend is losing strength at around 62 levels.
Stochastic on daily and monthly terms: Stochastic curves evidence %D crossover at 20 level that indicates momentum in bears favor.
MACD: This indicator has been indecisive but entered below zero level that signals price dips likely to drag further.
Overall, ideal for snapping rallies to deploy shorts, while long term bulls for fresh longs are yet to for confirmation.
But on intraday speculation purpose, contemplating above technical reasoning, we could foresee equal chances for both bears and bulls.
Hence, below tunnel spreads are advocated that is suitable at this juncture.
Trading tips:
For intraday trading perspective, it is advisable to buy tunnel spreads on every rally with upper strikes at 82.9456 and lower strikes at 81.6575. One can fetch leveraged returns to the yields as long as underlying spot remains between above expiries on expiration.
The FxWirePro Canadian dollar index weakened but Japanese Yen index indicates more bearish environment ahead of today’s Canadian unemployment claims.
CADJPY forms triple top in sloping channel on daily terms, interim bulls in major trend restrained at stiff resistance at 88.919 levels (refer monthly chart).
On daily terms, the pair has formed a triple top pattern with top 1 at 88.925, top 2 at 88.660 and top 3 at 87.973 levels with a shooting star formation. The prices gradually have been sliding after this bearish formation in the sloping channel.
On the broader perspectives, interim bulls struggling to clear stiff resistance at 88.919 (you can observe historic price behavior at the same juncture), subsequently, the spinning top occurred at the same levels.
But the interim bulls have absolutely exhausted in rallies below EMAs to drift down towards channel baseline.
RSI on both daily and monthly terms: Consistent lower lows signals downward convergence to the price dips. You could probably make out the divergence to the major downtrend that would imply that there could be some upside potential in short run, but this should not be deemed as the reversal trend as the strength in interim bull trend is losing strength at around 62 levels.
Stochastic on daily and monthly terms: Stochastic curves evidence %D crossover at 20 level that indicates momentum in bears favor.
MACD: This indicator has been indecisive but entered below zero level that signals price dips likely to drag further.
Overall, ideal for snapping rallies to deploy shorts, while long term bulls for fresh longs are yet to for confirmation.
But on intraday speculation purpose, contemplating above technical reasoning, we could foresee equal chances for both bears and bulls.
Hence, below tunnel spreads are advocated that is suitable at this juncture.
Trading tips:
For intraday trading perspective, it is advisable to buy tunnel spreads on every rally with upper strikes at 82.9456 and lower strikes at 81.6575. One can fetch leveraged returns to the yields as long as underlying spot remains between above expiries on expiration.
The FxWirePro Canadian dollar index weakened but Japanese Yen index indicates more bearish environment ahead of today’s Canadian unemployment claims.