The CADJPY fulfills the prerequisites of a bullish trend on the daily charts as there have been consistently higher highs and higher lows. With the candlesticks trading above the 200 Simple Moving Average and the MACD trading to the upside, bulls are currently in control. A solid breakout and daily close above 85.20 is seen opening a path higher towards 86.20. Alternatively, if 85.20 proves to be a stubborn resistance, the CADJPY is likely to sink back below the 200 Simple Moving Average which is under 84.50.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.