CADJPY Buyers Targeting 101.00

Thurs 16th February 2023 : Daily Currency Strength Analysis

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

• CADJPY
• NZDCAD (Covered in Video)

CADJPY Buyers Targeting 101.00

In today’s forex strength video we identified that the Canadian Dollar (CAD) is a strong currency, and the Japanese Yen (JPY) remains a weak one.

We featured CADJPY on the 13th Feb talking about an opportunity on a breakout of 99.00.

Price has since traded through this level, retested and moved higher by over 100 pips.

Price looks set to continue to the 101.00 resistance level.

On the H1 chart we can see a consolidation pattern forming.

If price breaks out of this pattern higher it could offer further buying opportunities.

Technical Observations

• The CAD is S1 and JPY is W1 on the day traders table.
• Price has traded through the key resistance of 99.00.
• Buyers will now look to target the next resistance of 101.00.
• Price is forming a bullish consolidation pattern.
• A break higher out of this pattern will offer further buying opportunities.