CADJPY
From the monthly point of view, price did a big rejection on the monthly resistance zone and now it approaching the weekly strong structure level and this level also correlated with the daily potential support. If the price will break below this structure level, a further downside is expected.
From the institutional's point of view, they are bullish bias on the JPY and bearish bias on CAD, in the new report, the net positions on JPY were added from 17k to 22k now and CAD net position from -24k to -25k, in this case, we may see some strength on JPY and CADJPY will push to the downside.
The proper way to approaching this pair is should wait for the price break below the strong structure level, which the potential support will become potential resistance, then we only can looking for any short opportunity. Otherwise, price can react inside the potential support level and bounce to the upside.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on CADJPY.
From the institutional's point of view, they are bullish bias on the JPY and bearish bias on CAD, in the new report, the net positions on JPY were added from 17k to 22k now and CAD net position from -24k to -25k, in this case, we may see some strength on JPY and CADJPY will push to the downside.
The proper way to approaching this pair is should wait for the price break below the strong structure level, which the potential support will become potential resistance, then we only can looking for any short opportunity. Otherwise, price can react inside the potential support level and bounce to the upside.
The result might not follow my analysis, and this analysis is based on the technical and COT perspective.
Comment below let me know your views on CADJPY.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.