Has CADJPY reached its peak?

June 17, 2015

It has been a fairly quiet session in Asia, although the aussie and kiwi have fallen victim to souring commodity prices. Overall, the market’s focused on events in Europe and the US at the moment, with the threat of a Grexit building at the same time as investors prepare for tonight’s policy meeting at the Fed.

One interesting pair from a technical perspective is CADJPY, which is showing some signs of weakness. The pair has sent most of the year attempting to regain some loses from late 2014/early 2015, but it has found some sticky ground around 100.00. There is also some bearish divergence between price and RSI which may concern CADJPY bulls and lead to a break of its upward trend.

In the event that the pair breaks through 100.00, it may find some further support around 99.50 and then 98.40. On the upside, we’re watching 101.15; a break of which would negate our MT bearish bias and may see price make a run for 101.60.

On the fundamental side, there’s some important economic data out of Canada later this week and a policy meeting in Japan. Later tonight Canada releases wholesale sales numbers (exp. 0.3% m/m) and on Friday inflation and retail sales numbers are released. The market is expecting headline consumer prices to have risen around 0.5% m/m and 0.8% y/y and core prices to rise 0.3% m/m and 2.1% y/y. Meanwhile, retail sales are anticipated to jump 0.7% m/m. In Japan, the BoJ should maintain the status quo during this week’s policy meeting, which should limit its impact on the yen.

Publication source
FOREX.com information  FOREX.com reviews

October 21, 2016
EUR/USD remained unchanged after the ECB
The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart...
October 21, 2016
Decisions on QE Postponed until December
Asian stock markets are narrowly mixed, with Japanese bourses managing marginal gains as the Yen falls against the Dollar. Stock futures in the U.S. are down...
October 21, 2016
EURUSD at $1.09, but declines could be limited
The ECB monetary policy meeting yesterday saw the euro give up its intraday gains to close on a bearish note. As Draghi signaled that the central bank would need time to assess the monetary policy situation...

Fort Financial Services Rating
Vantage FX Rating
HotForex Rating
OctaFX Rating
OANDA Rating
Tickmill Rating

24option Rating
OptionRally Rating
Grand Option Rating
Anyoption Rating
Porter Finance Rating
OptionBit Rating