Forex
CAD/JPY Sees Modest Bounce Amid Persistent Bearish Trend
The Canadian Dollar vs Japanese Yen (CAD/JPY) pair edged higher on Wednesday as it staged a modest bounce amid persistent technical selling pressure.
The move appears limited, with the price remaining below its key moving averages, reinforcing the broader bearish trend.
Bullish momentum is nowhere to be seen, with negative signals from MACD and ADX indicating ongoing 'Sell' signals. The Relative Strength Index (RSI) stands at 32.55, while Stochastic RSI and Commodity Channel Index (CCI) reflect deep oversold conditions.
The pair's near-term ceiling is set at ¥111.3, with the bearish alignment of moving averages and a downward-sloping Ichimoku Kijun overhead indicating further downside risk.