JPYCAD finds buyers again around 0.012425


Japanese Yen/Canadian Dollar (JPYCAD) Technical Analysis Report for Oct 21, 2020 | by Techniquant Editorial Team

Highlights

JPYCAD soars, gaining 125 pips (1.0%) within a single day on high volume
JPYCAD breaks back above 100-day moving average for the first time since October 6th
JPYCAD dominated by bulls lifting the market higher throughout the day
JPYCAD finds buyers again around 0.012425
JPYCAD pushes through Tuesday's high

Overview

JPYCAD ended Wednesday at 0.012569 surging 125 pips (1.0%) on high volume. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on September 8th, JPYCAD actually lost -0.82% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 0.012520, the forex pair confirmed its breakout through the previous session high after trading up to 59 pips above it intraday.

Daily Candlestick Chart (JPYCAD as at Oct 21, 2020):

Daily technical analysis candlestick chart for Japanese Yen/Canadian Dollar (JPYCAD) as at Oct 21, 2020

Wednesday's trading range has been 154 pips (1.24%), that's far above the last trading month's daily average range of 88 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for JPYCAD.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close back above the 100-day moving average at 0.012557 for the first time since October 6th. Prices are trading close to the key technical resistance level at 0.012623 (R1). After having been unable to move lower than 0.012419 in the prior session, the currency found buyers again around the same price level today at 0.012425.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 0.012587 where further buy stops might get triggered. As prices are trading close to October's high at 0.012698, upside momentum could speed up should the FX pair mark new highs for the month.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for JPY/CAD. Out of 267 times, JPYCAD closed lower 51.31% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 58.80% with an average market move of -0.19%.


Market Conditions for JPYCAD as at Oct 21, 2020

Loading Market Conditions for JPYCAD (Japanese Yen/Canadian Dollar)...
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