Or to simplify this another way, note that out of the past 10 days cad/jpy’s price has gone up 6 them.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
As for the rationale, technical traders seem to be citing the appearance of channel, head and shoulders and relative strength index technical patterns.
Or to simplify this another way, note that out of the past 30 days eur/nok’s price has gone down 18 them.
This imputes a buy/sell ratio of 1, which is neutral.
I see 3 opportunities for long positions, the first right above the r3, if a breakthrough is successfully added my buy stop a few pips above the r3 to avoid false touches or breakthroughs, duplicated the logic onto the second opportunity above the r4 and lastly the same above r5….
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
Compared to its peers in the forex, usd/jpy gave its buyers a return that ranked 14th in terms of percentage change since the previous day.
This imputes a buy/sell ratio of 2.38, which is bullish.
This imputes a buy/sell ratio of 2.5, which is bullish.