CADJPY REACHING ITS CRUCIAL SUPPORT LEVEL
THE JAPAN GOVERNMENT AND CENTRAL BANK HAS CLAIMED THAT THEY MAY INTERVENE THE FOREX MARKET ONCE THE JAPANESE YEN IS PRICED TOO HIGH, SO THE JPY COULD BE SOMEWHAT BEARISH FOR A CERTAIN PERIOD. AT THE SAME TIME, IF THE CRUDE OIL INVENTORIES KEEP DECREASING, AND THE WTI OIL PRICE COULD GO FURTHER (PERHAPS STAY AT 50 USD / BARREL, OR ABOVE)., THIS MAY BOOST THE CANADIAN DOLLAR HIGHER. SO, THE CRUCIAL THINGS IS THE CRUDE OIL PRICE, IF IT GOES FURTHER UP, THEN THIS TRADE IDEA IS SUITABLE, BUT WHEN IT FAILS TO GO FURTHER UP AND EVEN FALL DOWN, THEN WE SHOULD WAIT AND SEE.
TRADE IDEA:
BUY AT 82.55 (WHERE THERE ARE FIBO 61.8 RETRACEMENT, A SUPPORT FROM THE UPWARD TRENDLINE)
SL: NEAR 81.80
TP: 87.044, 88.784
TRADE IDEA:
BUY AT 82.55 (WHERE THERE ARE FIBO 61.8 RETRACEMENT, A SUPPORT FROM THE UPWARD TRENDLINE)
SL: NEAR 81.80
TP: 87.044, 88.784
Trade active
The price has retraced towards the key support near 83.00 mentioned previously and has rallied after hitting it. It is suitable to keep this long position if crude oil does not reverse too much.
Trade active
1800++ PIPS IN HANDTrade closed: stop reached
SL at break-even point reached. Brexit issue comes again and JPY rallies, so wait and see
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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.