A follower asked me for the forecast for this pair, CADJPY.
I then asked him , why are you trading this pair instead of the major ?
Answer : Uh.... I don't know, I saw some authors said it is going to go up .........
CAD is the Canadian currency used in Canada, which is an Oil exporter. JPY is Japanese Yen currency which is used in Japan, a net Oil Importer.
When Oil price is going up, as it is now, the Canadian dollar strengthen and Japanese yen weaken. So if you think Oil is bullish, then you are really buying CAD to sell JPY. Let's see what the chart tells us.
So long as CADJPY remains on the bullish trend line, then it is likely that it will break out from the resistance before heading up north. If it does, then its price action will match the Oil price.
Alternatively, if it corrects, then it will revisit 78 price level once more before rebounding.
So, wait for the breakout before going long or if breakdown, go for short to 78 and buy back.
I then asked him , why are you trading this pair instead of the major ?
Answer : Uh.... I don't know, I saw some authors said it is going to go up .........
CAD is the Canadian currency used in Canada, which is an Oil exporter. JPY is Japanese Yen currency which is used in Japan, a net Oil Importer.
When Oil price is going up, as it is now, the Canadian dollar strengthen and Japanese yen weaken. So if you think Oil is bullish, then you are really buying CAD to sell JPY. Let's see what the chart tells us.
So long as CADJPY remains on the bullish trend line, then it is likely that it will break out from the resistance before heading up north. If it does, then its price action will match the Oil price.
Alternatively, if it corrects, then it will revisit 78 price level once more before rebounding.
So, wait for the breakout before going long or if breakdown, go for short to 78 and buy back.
Comment:
fails to break out of resistance level. trade opportunities closed