Price falls below the 100 week MA at 84.48 today
The CADJPY has moved lower today and in the process the price fell below 100 week MA at 84.481. That is bullish/bearish barometer. We are below that level. Stay below and the bears remain in control. Staying on the weekly chart, the 83.18 is the 50% midpoint of the move up from the 2016 low.
Drilling down to the hourly chart, the price decline today was kickstarted on the break of the 100 hour MA and the lower trend line. That started the process. With the price trading at the lowest level since June 2017, there is not a lot of targets. However, the pair is in a trading channel. That channel targets 83.18 - the same level of the 50% at least currently. That is a key target area on more weakness.
What about risk?
One risk level is the 100 week MA at 84.48. Stay below more bearish. Move above and the bias can turn around.
Drilling to the 5-minute chart (see below), the 50% of the move down from the top of the last swing move higher comes in at 84.275. The 200 bar MA on the 5-minute chart comes in at 84.328 (and moving lower). Moves above those levels will take some of the bearishness out of the market.
Ultimately, I have to put the key barometer at the 84.48 level (100 week MA).
