JPYCAD runs into sellers again around 0.012092
Japanese Yen/Canadian Dollar (JPYCAD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
JPYCAD finished the week -0.44% lower at 0.012073 after edging lower 9 pips (-0.07%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (JPYCAD as at Feb 14, 2020):
Friday's trading range has been 38 pips (0.31%), that's far below the last trading month's daily average range of 78 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 JPYCAD. Prices continued to consolidate within a tight trading range between 0.012031 and 0.012109 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 bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on January 15th, JPYCAD lost -0.24% on the following trading day.
Prices are trading close to the key technical support level at 0.012032 (S1). Prices are trading close to the key technical resistance level at 0.012099 (R1). After having been unable to move above 0.012101 in the prior session, JPY/CAD ran into sellers again around the same price level today, failing to move higher than 0.012092.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for JPY/CAD. Out of 227 times, JPYCAD closed higher 50.22% of the time on the next trading day after the market condition occurred.