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CADJPY Rejected on the 1D MA200. Is this a trend change?

  • May 3, 2023
  • Posted by: Tradingshot Articles
  • Category: Forex
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The CADJPY pair got a rejected yesterday near the 1D MA200 (orange trend-line), which hasn’t been touched since November 30 2022. Since the March 24 Low the price has been trading within a Channel Up but the long term pattern is a Megaphone and yesterday’s rejection took place on its top (Higher Highs trend-line).

With the 1D MACD about to make a Bearish Cross, this is a Triple Sell signal on the long-term. As long however as the 1D MA50 (blue trend-line) and the Channel Up hold, we can buy and target short-term the 1D MA200 at 101.500. If however we close a 1D candle below the Channel Down, the Sell Signal will be confirmed and we will target 95.200 (above the Support Zone) and 93.500 (Megaphone’s bottom) in succession.

P.S. It’s been almost 4 months since we called for a bullish divergence on CADJPY:

CADJPY 1D Death Cross but bullish divergence short-term
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