24.09.202406:37 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of CAD/JPY Cross Currency Pairs, Tuesday September 24, 2024.

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From what we can see on the 4-hour chart, the CAD/JPY cross currency pair appears to be undergoing a strengthening correction where this is also confirmed by the occurrence of a Bullish Crossover intersection of EMA 9 & EMA 18 so that in the near future CAD/JPY will try to test and break above the 106.76 level and if momentum and volatility support then 108.53 will be the next target to be targeted but please also note that because of the appearance of deviations between the price movements of the currency pair and the Stochastic Oscillator indicator and the detection of the Ascending Broadening Wedge pattern which also confirms the Wolf Waves pattern, there is a potential for CAD/JPY to weaken again, especially if the 104.55 level is broken below, then the scenario that has been described previously will be invalid and canceled by itself.

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