CAD/JPY technicals and trade setup

FX:CADJPY   加元 / 日圓
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Technical roundup:

We could foresee the prolonged weakness in CADJPY in medium term basis.

It’s been observed that the bear swings are prolonging from last 3 consecutive days after the shooting star pattern has appeared at peaks of 79.232 levels, as a result, the current prices slid below 7DMA.

In the meantime, it has broken supports at 78.639 levels; the sustenance below would drag down to further slumps.

RSI on monthly and daily terms has convincingly been converging with price declines.

While %D crossover right from 80 levels which is overbought zone indicate bearish momentum is intensified, slow stochastic on monthly plotting has reached oversold territory but no traces of price recovery that would mean no buying interest in the market, instead, the selling pressure is still visible at this point of time.

Prices consistently remain below EMAs and forms the inverted saucer pattern, for now, watch out for targets up to 76.023 levels as bears broken below strong support at 79.220 levels.

To substantiate this stance, MACD has also shown a bearish crossover slipping below zero levels, hence, down trend is likely to persist.

On broader perspectives, price on monthly drops are confirmed with robust volumes as well.

Trade tips: Contemplating intraday bearish sentiments, we recommend tunnel spreads on pure speculation basis which are the binary version of the debit put spreads.

Capture rallies to deploy ITM strikes in this strategy that seems best suitable for certain yields but with leveraging effects when you sell OTM strikes.

This is just for an intraday trading perspective, but in long run, this is certainly not yet an ideal time for fresh longs.
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