FX.co ★ CAD/JPY

Hello traders, CADJPY - market situation overview. On the hourly chart, the selected asset shows a bullish sentiment. This can be easily identified using the interesting Ichimoku indicator. At first glance at the chart, the price at 105.730 is seen above the cloud. The cloud consists of the leading lines Senkou Span B at 105.361 and the second Senkou Span A at 105.226. The Senkou Span B line at 105.428 is the strongest in the indicator, as it has a longer period in the settings. I use the default settings that are specified in the Ichimoku indicator in MT4. This needs to be clarified, as there are many settings available online for different periods. I expect CADJPY to strengthen. During upward movement, if there are pullbacks to the cloud, it is possible to add to long positions. As for selling, one should consider it when the cloud is broken downwards, but a leading signal for selling will be the dead cross formed by the lines Tenkan-sen at 105.661 and Kijun-sen at 105.428.