Home Technical Analysis CADJPY: Weakness ahead, eyes on 99.50 regions

CADJPY: Weakness ahead, eyes on 99.50 regions

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Daily studies of CADJPY show that, the pair has been topped out in the 101.00 zones where it declined, influenced by facing the median line of pitchfork channel.

cadjpy-fxcomment-16-06-2015

Aroon-trend indicator- started to reflect some kind of weakness in the uptrend, while the probability of tracing a negative divergence increased.

A break below 99.50 regions should be witnessed to affirm the negativity and a break below these areas will bring panic sell-off actions.

On the upside, coming above 100.60-100.70 zones will weaken chances for reversals.

 

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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