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CAD/JPY ST: look for a drop towards 108.63 before a bounce

2024-03-19
514

Our pivot point is at 108.63.

Our preference: look for a drop towards 108.63 before a bounce.

Alternative scenario: below 108.63, expect 106.85 and 105.79.

Comment: the RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 110.43 and 110.17).

Supports and resistances:

116.29 **

115.22 *

114.15 **

113.08

110.78 last

109.32

108.63 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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