26 Jun 2014
CAD/JPY: Little follow through this week - TDS
FXStreet (Bali) - The FX Team at TDS offered their technical insights on the CAD/JPY, noting that little follow through has been generated so far this week.
Key Quotes
"CADJPY’s rally is stalling around the early April spike high. Little significant follow through has been generated by last week’s surge higher and, instead, price action this week has been rather timid."
"Tuesday’s price signal is mildly negative as the CAD formed a bearish “shooting star” signal. One reservation we have in this regard is that the signal appears shallow relative to the depth of the rally last week. This is a mild rebuke—albeit at a key juncture—against the CAD rally rather than a clear bearish reversal signal at this point."
Key Quotes
"CADJPY’s rally is stalling around the early April spike high. Little significant follow through has been generated by last week’s surge higher and, instead, price action this week has been rather timid."
"Tuesday’s price signal is mildly negative as the CAD formed a bearish “shooting star” signal. One reservation we have in this regard is that the signal appears shallow relative to the depth of the rally last week. This is a mild rebuke—albeit at a key juncture—against the CAD rally rather than a clear bearish reversal signal at this point."