{"id":63587,"date":"2014-11-12T12:50:20","date_gmt":"2014-11-12T17:50:20","guid":{"rendered":"http:\/\/countingpips.com\/?p=63587"},"modified":"2014-11-12T13:02:04","modified_gmt":"2014-11-12T18:02:04","slug":"cadjpy-eyes-104-5-as-yen-trips-even-lower","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/11\/cadjpy-eyes-104-5-as-yen-trips-even-lower\/","title":{"rendered":"CAD\/JPY Eyes 104.5 As Yen Trips Even Lower"},"content":{"rendered":"<div id=\"inves-3468898288\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 12, 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\/JPY extends gains after stabilizing above 101 on Tuesday;<\/li>\n<li>Bearish expectations for Japan Core Machinery Orders;<\/li>\n<li>Next resistance is located around 104.60, followed by 106.60.<\/li>\n<\/ul>\n<p><em>CAD\/JPY stayed bullish even through a major downswing from 99.81 down to 92.89, respecting a higher high \u2013 higher low swing configuration. This allowed the pair to bounce back and we are now seeing traders eye a fresh multi-year Higher High.<\/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\/11\/CADJPY12thNovember.jpg\" alt=\"CADJPY12thNovember\" \/><\/p>\n<p>Apparently there is nothing that can stop CAD\/JPY from rallying even higher. Last week price closed above 101.04, where many were expecting some kind of temporary correction off 2013\u2019s high. A bounce failed to materialize and buying momentum simply ate through all the sell orders placed in this area. On Tuesday the Japanese Yen tripped even lower on disappointing data, allowing a strong rally +120 pip rally. This helped the pair consolidate above resistance, paving the way for future gains as the pair enters uncharted territory since 2008.<\/p>\n<p>Stochastic is showing overbought conditions on all timeframes from 4H all the way up to Monthly. This suggests a major correction is around the corner, however with price action heavily skewered towards fresh gains, we will stick to long positions until a bearish signal appears.<\/p><div id=\"inves-4076441515\" 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>Towards the downside, albeit already at a decent distance, 101.04 is the primary support level to be watched. A return below this level should warn traders of deeper correction potential, while a bounce will suggest uptrend continuation.<\/p>\n<p>*********<br \/>\nPrepared by Alex, Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/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\/JPY extends gains after stabilizing above 101 on Tuesday; Bearish expectations for Japan Core Machinery Orders; Next resistance is located around 104.60, followed by 106.60. CAD\/JPY stayed bullish even through a major downswing from 99.81 down to 92.89, respecting a higher high \u2013 higher low swing configuration. This allowed the [&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-63587","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63587","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=63587"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/63587\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=63587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=63587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=63587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}