Cad/Jpy

On the daily TF, the price is on the roof of the bullish channel. In such a condition we are expecting to see a drop across the market if the supply pressure exists. By having the roof of the channel broken, the ground will be ready to have a growth.

this is a re-cap for this pair. some analysis I made long time ago, never thought will use it for long...

The pair is so close to an end of the main trend to reverse back down ..

That's the problem... Is there sell pressure yet? Also the Japanese gov't is not helping much making its currency softer or weaker... Here's to the pair going downtrend soon.

Technical analysis of CAD/JPY is BULLISH

Resistance and Supporting levels is :

Resistance level is

1> Resistance level is:82.72
2> Resistance level is: 83.15
3> Resistance level is: 83.73


Supporting level is

1> Supporting level is: 81.72
2> Supporting level is: 81.15
3> Supporting level is: 80.72

Good call, but just a little bit too early.

I am short now from 104. Major sell here.

But then will become a major buy

Trading idea for the coming week: short CADJPY.

Possible entry area: 99.70-100.10. I will look for entry around the 100 level.

Possible target area:98.40-98.30

Stop loss: Around the 100.30-100.50 area, dependant of the entry level.

Chart below shows the divergence between the tops and bottoms of the price and the signal I follow.

Chart below further strenghten the signals for a bearish move for the pair. Yellow arrow is plotted to the chart and indicates a strong divergence for the last 24 hours.

It was the the rise in the oil price last friday that led to the bearish move to be halted that day. The last Canadian GDP was disappointing and will weaken the CAD.

The coming week have the most important fundamentals for the pair released on Thursday and Friday. Possible movers of the market released these days. Wednesday also brings the release of the EIA Oil Stocks change numbers.

The pair is rather slow moving so an increased but modest leverage could be considered.

The resistance at the 100 level I consider to be strong. The first major support is at the 98.30 level. If this break it is another 100 pips further south before the next area of support is reached.

Anyone trading this pair? Seems like no one like this pair. I am not a huge fan just because of its erratic behavior.

you are right cad I aways think is tricky not to mention JPY ,
cad jpy is in an uptrend imo,best case is retrace here w1?
(2 month chart close this month)