CADJPY Don’t Miss This Breakout

Mon 13th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• CADJPY
• USDJPY (Covered in Video)
• EURCAD (Covered in Video)

CADJPY Don’t Miss This Breakout

In today’s forex strength video we identified that the Canadian Dollar (CAD) is the strongest currency and the Japanese Yen (JPY) is the weakest. 

This means we should be focusing our attention on the price of CADJPY. 

Fundamentally, the Bank of Canada have signalled a pause in hiking rates however this may be short lived as employment figures rose significantly. 

Price of CADJPY has been trading within a minor range between 99.00 highs and 95.00 lows. 

Momentum is suggesting price will break out of the range highs.

This could lead to price moving towards the key resistance of 102.00.

A bullish close outside of the range could confirm the breakout offering traders opportunities on a retest. 

Technical Observations

• The JPY is W1 and CAD is S1 on the day traders table.
• Price is trading within minor range between the highs of 99.00 and lows of 95.00.
• Price looks to be forming a breakout of the range highs, which will confirm on a close.
• Targets for traders long will be 102.00 and the daily 200 moving average.