CAD/JPY. Japanese currency keeps strengthening
Canadian dollar was rising agains the Japanese yen from the end of August 2019. After correction in October the uptrend continued. The price reached its highest high on October 29-th. Right now it's correction time. Let's look at some technical and fundamental factors.
Technical analysis
1. The currency formed some kind of 'bearish engulfing' pattern at its highest high.
2. CAD broke 9-EMA down
3. Parabolic SAR reversed
4. MACD lines intersected
5. DM+ crossed DM- down
Fundamental analysis
The most important event next week is Japanese meeting minutes.
Technical analysis
1. The currency formed some kind of 'bearish engulfing' pattern at its highest high.
2. CAD broke 9-EMA down
3. Parabolic SAR reversed
4. MACD lines intersected
5. DM+ crossed DM- down
Fundamental analysis
The most important event next week is Japanese meeting minutes.