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CAD/JPY is it at highest?!


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8 hours ago, RomPathsSwap said:

We could probably see a potential trend reversal, the chart is for education purposes only as many novices and experienced users may engage non leveraged positions or a different ratio than learnt about!  Not a financial advice!CAD_JPY_20220607_12_20.thumb.png.797014c2a3066d45cfd109f24c2de720.png

certainly getting near a level of potential resistance 

Capture cadjpy.PNG

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12 hours ago, phillo said:

could be 

Capture cadjpy.PNG

Thanks for sharing and keeping track of CAD/JPY @phillo

The cross of the two moving averages could possibly be the start of a downward trend for CAD/JPY ?

Was the crossing of the moving averages your signal confirmation to sell and if the trend continues downward, what levels do you think it will reach ? ?

 

All the best - MongiIG

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On 07/06/2022 at 15:49, RomPathsSwap said:

Nothing formed at this time, just physics laws :)

Hi @RomPathsSwap

The probable potential trend reversal you mentioned earlier this week on CAD/JPY seems to be reversing to the downside. If the trend continues downward, what levels do you think it will reach ?

All the best - MongiIG

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3 hours ago, MongiIG said:

Thanks for sharing and keeping track of CAD/JPY @phillo

The cross of the two moving averages could possibly be the start of a downward trend for CAD/JPY ?

Was the crossing of the moving averages your signal confirmation to sell and if the trend continues downward, what levels do you think it will reach ? ?

 

All the best - MongiIG

 

Capture cadjpy.PNG

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Watch for Typical CAD Price Action

 

USD/CAD TECHNICAL OUTLOOK

  • USD/CAD rally has a familiar level back into play
  • Strong reversals a norm for CAD, good spot to watch for another

USD/CAD Technical Outlook: Watch for Typical CAD Price Action

USD/CAD TECHNICAL OUTLOOK: WATCH FOR TYPICAL CAD PRICE ACTION

USD/CAD is trading around the 12950 level, a big level dating back quite some time. It has held up the test of time for the most part since December 2019. The exception is in May when we saw price pop to over 13000.

Currently, USD/CAD is struggling to overcome the 12950 area and if we see this continue then another sharp reversal could be in order soon. This will be highly dependent on whether we also see a turn in stocks, as the 20-day correlation between the S&P 500 is -0.92. This means that USD/CAD and the stock market are effectively trading in lockstep in opposite directions.

With that in mind, if we see stocks (which look short-term oversold) turn higher then USD/CAD is likely to turn lower off resistance. However, further weakness in stocks could mean that resistance is overtaken and that the 13076 level is next up.

If we see this occur, what will become interesting is whether old resistance can become new support on any decline that occurs from over the 12950 area. At some point a broader breakout may develop towards an extended trend higher. This is seen as likely at some juncture with the equity market bear and dollar bull continuing to gain traction.

For now, watching for reversal price action around resistance and taking it from there. Often USD/CAD turns violently and with limited warning, this could be another one of those cases in the near-term.

 

USD/CAD DAILY CHART

usd/cad daily chart

USD/CAD Chart by TradingView

 

Jun 15, 2022 | DailyFX
Paul Robinson, Strategist

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14 hours ago, phillo said:

got there

Capture CADJPY.PNG

 

10 hours ago, RomPathsSwap said:

The entry point is also important...I noticed you preferred it earlier today or however at a lower value! Thanks1395352043_CAD_JPYMini_20220615_22_37.thumb.png.7fd79ce5f652db3e39245c935e4def3b.png

Hi @phillo and @RomPathsSwap

Thanks for sharing!

Swiss Franc (CHF) spikes on shock SNB rate hike, this could put pressure on BoE to do the same and what the SNB decision has done makes the BoJ decision a bit more interesting. Japanese officials including Kuroda are raising concerns over JPY weakness.

With BoJ coming up soon, what is your forecast for CAD/JPY ?

 

Thanks and all the best - MongiIG

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