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Will CADJPY Continue Upward Trend?

OctaFx | Oct. 1, 2018
Will CADJPY Continue Upward Trend?

The pair trades in the sharp ascent started in early September. It reached an intraday high of 88.9 in the Asian session. However, will CADJPY continue upward trend? What does today's analysis show?

1 October, OctaFX – The Japanese Yen declined in the Asian session after mixed economic numbers from Japan. The Tankan all big industry CAPEX for the third quarter rose by 13.4% which was lower than the expected 14.2%.

The Tankan Larger Manufacturers Index for the third quarter rose by 19, which was lower than the expected 22 while the non-manufacturer’s index fell to 22. This data is a clear indication of the challenges the Japanese economy is facing in the midst of a global trade war.

Will CADJPY Continue Upward Momemtum?

The CADJPY pair continued the sharp ascent started in early September. It reached an intraday high of 88.9 in the Asian session as traders cheered the US-Canada deal. The pair is trading along the upper Bollinger Band which is an important show of strength.

The RSI is above the 70 overbought level while the momentum indicator is above 100. While a slight downward movement is likely in the short-term, the pair will most likely continue the upward momentum.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.