CAD/JPY: D1 is in a narrow, short-term, neutral trend

On the daily timeframe, CAD/JPY: D1 is in a narrow, short-term, neutral trend. It must be breached up before opening a buy position. A number of indicators of technical analysis formed signals for a further increase. We do not exclude a bullish movement if CAD/JPY rises above the last upper fractal and the upper Bollinger line: 78. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the lower Bollinger line and the last 2 lower fractals: 74.7. Recall that the record low of this currency pair was in December 1999 and amounted to 68.57, and the maximum in November 2007 was 125.55. After opening the pending order, we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price meets the stop loss level (74.7) without activating the order (78), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.



Fundamental Analysis
Oil rises in price in the world market, which supports the Canadian dollar. The Japanese yen may lose some of its attractiveness as a safe heaven currency as Covid-19 risks to the global economy decrease. Will CADJPY quotes grow?