Cadjpylong
CADJPY - Bullish BiasCAD - Strong Bullish
1️⃣ CAD has been supported by rising crude oil prices.
2️⃣ The Bank of Canada has been one of the first developed country banks to announce a tapering in its QE program as the bank adapts to improving domestic economic conditions.
3️⃣ Canadian IVEY PMI and employment data will be released later this week and expected to increase higher.
JPY - Strong Bearish
1️⃣ JPY pressured as market sentiment turned risk-on following positive US jobs data.
=====
Technical
=====
We are buying the CADJPY around support + above SMA 50 + at the pivot point on the H1 chart.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
CADJPY - BULLISH BIASCAD - Bullish
1️⃣ Confidence among Canadian exporters has soared to its highest level in more than 20 years following the continued global economic recovery.
2️⃣ Global crude oil prices traded well following a decline in inventories and market sentiment remained optimistic due to extensive vaccination programs in Europe and the United States.
JPY - Bearish
1️⃣ Positive global market sentiment could put pressure on safe-haven currencies like the JPY.
=====
TECHNICAL
=====
- We're buying CADJPY on RBS level on H1 chart + pivot point area.
CAD/JPY good long position as we shared our analysis last week and market follows our predication and went exactly there to retest
now market is at demand zone and going long
look for bullish confirmation on lower time frames and enter long with your own money management
always remember that patience and discipline are the keys to success
last week prediction link is here
CADJPY BUY IDEACAD performed a flag pattern this past week and a half, showing some back and forth between buyers and sellers. Will the long position hold? Not sure, but I see a good buy set up - be it short or long term. If you'd like to participate in this trade idea, please use proper risk management.