workingtraders
Short

$CADJPY - Strong Possibility #BOJ will revise outlook higher

FX:CADJPY   Canadian Dollar/Japanese Yen
Fundamental thoughts:

CAD is still weak and following WTI closely.
Poloz has suggested it will take some time before CAD econ             will strengthen.
This rally on CADJPY             is caused by strength of WTI.
With WTI looking like it is finally showing signs of the rally slowly losing steam. This could be a chance to get short on CADJPY             .
BOJ will be speaking today and we are looking for a revised higher outlook. This will be the first in two years.

Technicals:

On the chart.

Strong top + 100 physiological number. + Strong Fib number resistance. Looking for a test of trend line and old resistance/new support.
CADJPY is a long to around 103.47
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I share in this view.
However, CADJ Seems to be correlating well with USOIL, which seems to have enjoyed some major trend reversal on 4H chart.
USOIL's bullish pennant looks scary. Unless it turns out to be a final flag.
I add that chart next
snapshot
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moorekapital moorekapital
USOIL DAILY.....
snapshot
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moorekapital moorekapital
USOIL 4H.....
Pennant/Flag breakout continuation.....? OR Final flag...?

snapshot
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Right !
Reply
Looks perfect.
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