FX.co ★ Technical Analysis of Intraday Price Movement of CAD/JPY Cross Currency Pairs,Thursday October 17, 2024.

If we look at the 4-hour chart of the CAD/JPY cross currency pair, it appears that CAD/JPY is moving in a Sideways condition where this is confirmed by the movement of the EMA 21 which moves between the Candle bodies. However, if we look at the CAD/JPY label code, even though it is in a Sideways condition, it has started to weaken, coupled with the condition of the Stochastic oscillator indicator which is already above the Overbought level and is preparing to fall back below level 80, then in the near future CAD/JPY has the potential to weaken where the level of 108.25 will be tested to be penetrated downwards if successful then the level of 107.82 will be the next target and 106.97 will be the next target even if the momentum and volatility support then 106.44 will be the next target but all these weakening scenarios will be invalid and canceled by themselves if on their way to these levels CAD/JPY suddenly turns stronger and breaks through and closes above level 109.02.

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