Chart of the Day -CADJPY- (Nov. 20th 2018)

21st November 2018 Off By binary
Chart of the Day -CADJPY- (Nov. 20th 2018)

The CADJPY broke the 61.8% retracement and 200dma as risk off resumes.

The CADJPY has been range bound for about the last 30+ trading days, but broke lower out of the range today. The significance of this break is that we also closed below the 200dma (daily simple moving average) and also below the channel support, 61.8% Fibonacci retracement level and trend line. If risk assets like stocks continue to trade lower the chances are that the pair will move towards the 84.00 level next.

ForexAnalytix.com/blog/wp-content/uploads/2018/11/cadjpycod.png” alt=”CADJPY breaking lower” title=”CADJPY Daily Chart” itemprop=”contentURL”>

Blake Morrow

The post Chart of the Day -CADJPY- (Nov. 20th 2018) appeared first on ForexAnalytix – Blog.

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