CAD/JPY Analysis

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CAD/JPY from 2104.09.19 (formation of Evening star in Daily time frame) is in a strong and without reformation descending trend that could experience a good price decrease. Right now this currency pair could record the bottom price of 96.162 during its descending trend that according to the formation of recent candles, it is not an ideal bottom price for ascending.

As it is obvious in the picture below between the top price of 97.810 and bottom price of 96.162, there is AB=CD harmonic pattern with the ratios of 76.4 and 127.2 that warns about the potential for ascending of the price.Stoch indicator is in saturation sell area in H4 time frame that confirms the harmonic D point and warns about changing price direction during the next candles . The first sign for starting a reformation movement and Ascending of the price is breaking the resistance of 96.462.Generally according to the formed signs in price chart until the bottom price of 96.162(R=S) is preserved, price will have the potential for ascending and reformation.

 

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CHF/JPY during the recent weeks was in a strong and consistent uptrend that buyers were successful in achieving the highest price of 124.145. Price has been stopped from more ascend by reaching to the specified resistance levels(made of 2 peak prices) in the picture below and with exit of some buyers from their trades , the Shooting Star candlestick patterns have been created. These candles shows vulnerability and indecision market in ascending or descending of price that for confirmation it needs closing of a bearish candle.
As it is obvious in the picture below, there is a Shark harmonic pattern between the bottom price of 111.231 and top price of 124.145 that warns the price downfall from the D point of this pattern and has been prevented from more increase till now. According to the strong and consistent uptrend, Stoch indicator is in saturation buy area and in divergence mode with the price chart that confirms the created top price and warns about the potential of changing price direction. Generally according to the technical signs in the price chart, until the top price of 124.145 is preserved; there is the potential for descending and price reformation in this currency pair.

 

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CHF/JPY was in a strong ascending trend and without reformation that could record the top price of 124.567 which is the next nearest resistance level of this currency pair.This currency pair by reaching to the obstacle such as the Fibonacci level of 2.24 (resistance level) and the round price level of 124.500 has been stopped from more ascend that shows buyers used this price level to exit their trades.

Currently in daily time frame with formation of Dark Cloud Cover candlestick pattern (the failure of buyers in reaching to the higher prices) price has been stopped from more ascending and there is a possibility of formation of a top price and finally descending of the price.As it is obvious in the picture below, between the bottom price of 111.214 and the top price of 124.567 there is ABC harmonic pattern with the Fibonacci ratio 2.24 that warns about descending of the price.RSI indicator in this time frame and in Weekly time frame is in saturation buy area and in divergence mode with the price chart that warns about the potential of changing price direction and a price reformation.

 

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CAD/JPY from the top price of 106.649 till now was in a downtrend that sellers were able to achieve the lowest price of 96.677.Price by reaching to the round support level of 97.000 has stopped from more descend that shows Sellers used this price level to exit their trades.According to the formed movements in the chart, there is AB=CD harmonic pattern with none-ideal ratios of 61.8 and 127.2 between top price of 106.649 and the bottom price of 96.677 that warns about the potential of ascending from the endpoint of this pattern and on the whole has been prevented from more decrease till now.

Stoch indicator in daily time frame is in saturation sell area and with the next cycle warns about ascending of price during the next candles, but because of lack of coordination with the weekly and monthly time frames is not much valid.According to this point that in long term time frames such as weekly and monthly, price is under 5-day moving average and there is not any clear reason for ascending of the price, if the price level of 96.677 breaks, the price will find a potential for going toward the targets such as the important round level of 96.000 .