Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
As for the rationale, technical traders seem to be citing the appearance of divergence and relative strength index technical patterns.
The daily s/r is likely to be respected, as this is a bearish retest of the level….
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.
At the time of this writing, cadjpy’s rate is up 260 pips (0.03%) from the hour prior.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
This is a strong resistance in my opinion and a bearish divergence exactly at this point might push price go down….
Relative to other instruments in the forex asset class, cadjpy ranked 22nd yesterday in terms of percentage price change.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.