CADJPY Long
Our pivot point is at 108.40.
Our preference:
the upside prevails as long as 108.40 is support.
Alternative scenario:
below 108.40, expect 108 and 107.76.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 108.44 and 108.16).
Our preference:
the upside prevails as long as 108.40 is support.
Alternative scenario:
below 108.40, expect 108 and 107.76.
Comment:
the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 108.44 and 108.16).
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