{"id":51777,"date":"2014-05-26T07:04:22","date_gmt":"2014-05-26T11:04:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=51777"},"modified":"2014-05-26T07:04:22","modified_gmt":"2014-05-26T11:04:22","slug":"cadjpy-capped-below-94-00-triangle-formation-at-risk","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/05\/cadjpy-capped-below-94-00-triangle-formation-at-risk\/","title":{"rendered":"CAD\/JPY Capped Below 94.00; Triangle Formation at Risk"},"content":{"rendered":"<div id=\"inves-4277109270\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 26, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bullish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>CAD sentiment remains positive as inflation finally coincides with BoC\u2019s target;<\/li>\n<li>CAD\/JPY flirts with the resistance of the Triangle Formation;<\/li>\n<li>A rally above 94.29 (200-Day Moving Average) changes the daily trend to bullish.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>The Canadian Dollar ended last week on a positive note against its Yen counterpart after investors shrugged off negative retail sales and focused solely on the CPI release. CAD\/JPY might officially break above the two month old triangle formation, yet no major moves are expected until later this week.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/CADJPY-26th-May.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3426\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/CADJPY-26th-May.png\" alt=\"CADJPY 26th May\" width=\"700\" height=\"341\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">At the moment CAD\/JPY is trading between 93.71 and 93.89, a very tight range due to the bank holiday in U.S. and U.K..<\/p>\n<p style=\"text-align: justify;\">The pair has been trading inside a 2-month Triangle Formation since the bearish rejection off the 200-Day Moving Average on April 4<sup>th<\/sup> 2014. With Friday\u2019s 93.85 Daily close above the resistance trendline, just below 38.2% Fibonacci Retracement level from 99.14 down to 90.58, it\u2019s fair to assume the market is attempting to expand the trading ranges.<\/p><div id=\"inves-400279159\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">On a bullish break above 94.00\/05, above the triangle resistance and May\u2019s Highs, CAD\/JPY will immediately run into the 200-Day Simple Moving Average at 94.29. This line depicts the true separation between bearish and bullish territory on the Daily time frame, hence a close above it will signal more gains are in store for the pair. The next resistance hurdle lies at 94.86\/95.15, marked by April\u2019s High and 50% Fibonacci Retracement; followed by 95.87, Fibonacci confluence and price pivot zone from 2013.<\/p>\n<p style=\"text-align: justify;\">Failure to continue above 94.00 will suggest indecision is going to linger for a few more days. This will lead CAD\/JPY to drop back within the range, toward 93.00 (50 and 100-Day Moving Average confluence) and possibly as low as 92.60, in order to re-test the support trendline.<\/p>\n<p>*********<\/p>\n<p><em>Prepared by Alexandru Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways CAD sentiment remains positive as inflation finally coincides with BoC\u2019s target; CAD\/JPY flirts with the resistance of the Triangle Formation; A rally above 94.29 (200-Day Moving Average) changes the daily trend to bullish. The Canadian Dollar ended last week on a positive note against its Yen counterpart after investors shrugged [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51777","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=51777"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51777\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=51777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=51777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=51777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}