{"id":62838,"date":"2014-10-30T14:33:03","date_gmt":"2014-10-30T18:33:03","guid":{"rendered":"http:\/\/countingpips.com\/?p=62838"},"modified":"2014-10-30T14:42:37","modified_gmt":"2014-10-30T18:42:37","slug":"cadjpy-runs-into-pivot-zone","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/cadjpy-runs-into-pivot-zone\/","title":{"rendered":"CAD\/JPY Runs Into Pivot Zone"},"content":{"rendered":"<div id=\"inves-3901772034\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 30, 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>Japan Household Spending y\/y, Unemployment Rate and Tokyo Core CPI y\/y will be released during the Asian session, with an overall bearish bias for the domestic pair;<\/li>\n<li>Canada GDP for October, expected at 0.0% will be released on Friday;<\/li>\n<li>CAD\/JPY is overbought, trading into a major price pivot line at 97.70;<\/li>\n<li>99 and 100 are possible targets on a break above 97.70.<\/li>\n<\/ul>\n<p><em>After two weeks defined predominantly by large rallies, CAD\/JPY has finally reached a crucial resistance level that will probably set the overall direction for the first half of November.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><img decoding=\"async\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/10\/CADJPY30thOctober.png\" alt=\"CADJPY30thOctober\" \/><\/p>\n<p>Half way through the 30<sup>th<\/sup>\/10 U.S. session, CAD\/JPY spot is currently trading around 97.70 as buyers test a major price pivot zone. From a technical perspective this rally appeared likely to exhaust on the first resistance touch based on the size of previous bullish swings. Stochastic has already entered overbought territory on Daily, indicating a temporary top followed by a correction should materialize in the near future. That being said, price action has to confirm this view in the end.<\/p>\n<p>CAD\/JPY respects a configuration of higher lows and higher highs on 4H timeframe and a steep trendline offers support at 96.75\/85, with a secondary support cluster formed around 95.80 (38.2% Fib, 50 &amp; 100 Moving Averages on 4Hour and a small pivot zone). These targets should only be considered in case of a strong bearish rejection from off 97.70\/90.<\/p><div id=\"inves-3301594260\" 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>On the other hand, for a solid uptrend continuation, CAD\/JPY buyers should patiently wait for price to stabilize above 97.70 and for a second confirmation in the form of a re-test followed by a bullish rejection. Only then higher resistance levels around 99.10 \u2013 100.00 should be considered as proper targets for the immediate future.<\/p>\n<p>*********<br \/>\nPrepared by Alex, Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bullish Key Takeaways Japan Household Spending y\/y, Unemployment Rate and Tokyo Core CPI y\/y will be released during the Asian session, with an overall bearish bias for the domestic pair; Canada GDP for October, expected at 0.0% will be released on Friday; CAD\/JPY is overbought, trading into a major price pivot line at [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-62838","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62838","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=62838"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/62838\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=62838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=62838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=62838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}