CADJPY – Downtrend Accelerates
6th January 2016
…Our signals for sentiment in CADJPY have been bearish for the last 6 months.
This followed a break below the 21 week displaced moving average and move to the lower end of a declining Keltner channel. That was th case through the first 3 months of this trend and although the latter part of last year saw the market consolidate and take some profits, the bounce was limited by the middle of the Keltner channel and, latterly by the 21 week moving average itself.
A renewal of CADJPY selling pressure early in December and accelerated in the first week of this year and we have today amended our immediate downside targets to reflect that.
So 83.27 and 80.18 are CADJPY levels we now look for, although the original 82.71 target is also likely to see some investor interest.
On the risk side we will continue to monitor the strongly falling moving average point.
For those who would like more details of our subscription analysis please click;
