CADJPY Long

10 Apr 2018

Riding JPY's weakness because of its Prime Minister's corruption scandal and recent strength in Oil (must be careful though because looking at the oil chart, it's possible to suddenly reverse instead of continue moving up and breakout its current resistance @65). Setting up Buy Stop with TP near 90 (resistance in CADJPY's weekly chart) and SL at recent support near 83. Depending on volatility, might close and re-open this position before and after US CPI and Crude Oil news tomorrow.

uk.investing.com/analysis/long-cadjpy-200200845

exchangerates.org.uk/news/21226/canadian-dollar-is-a-buy-against-japanese-yen-say-swissquote-strategists.html

Daily:


Weekly:


Oil (Daily):



Confidence: B (because of risks related to Oil, and geopolitical risks involving USD that can impact JPY as well)

18 Apr 2018

Order dibatalkan

Trade cancelled yesterday before the BoC news to avoid whipsaws. Though oil is rising which supports a rise in CAD, the risks involving Syria supports JPY upside as well so this pair will most likely go ranging instead. Will trade other CAD pairs moving forward instead.
dailyfx.com/forex/technical/home/analysis/usoil/2018/04/18/Crude-Oil-Forecast-Bullish-US-Inventories-EIA-OPEC-70-Barrel.html?DFXfeeds=forex:technical:home:analysis:usoil