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CAD/JPY intraday: the RSI is overbought
2023-11-01
867
108.31 is our pivot point.
Our preference: the upside prevails as long as 108.31 is support.
Alternative scenario: the downside breakout of 108.31 would call for 108 and 107.81.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 108.34 and 108.08).
Supports and resistances:
109.80 **
109.62 *
109.43 **
109.24
108.87 last
108.43
108.31 **
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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