CADJPY finds buyers again around 82.70
Canadian Dollar/Japanese Yen (CADJPY) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
CADJPY ended the week 0.44% higher at 82.83 after edging higher 6 pips (0.07%) today on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CADJPY as at Feb 14, 2020):
Friday's trading range has been 26 pips (0.31%), that's far below the last trading month's daily average range of 54 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CADJPY. Prices continued to consolidate within a tight trading range between 82.58 and 83.12 where it has been caught now for the last three trading days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on January 15th, CADJPY gained 0.25% on the following trading day.
Prices are trading close to the key technical support level at 82.61 (S1). Prices are trading close to the key technical resistance level at 83.11 (R1). After having been unable to move lower than 82.64 in the prior session, CAD/JPY found buyers again around the same price level today at 82.70.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for CAD/JPY. Out of 636 times, CADJPY closed higher 50.79% of the time on the next trading day after the market condition occurred.
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more