CADJPY Buyers Be Warned Price Approaches Resistance

Tues 18th April 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• CADJPY
• CHFJPY (Covered in Video)

Today we’re looking at Trading Setups in: CADJPY & CHFJPY (Covered in Video)

JPY continues to appear on the tables as a weak currency but will this continue?

CAD is the second strongest currency on the day traders table, and CADJPY has traded higher since finding support at 95.00.

Price is now approaching the key highs at 100.75. 

This would make buying the pair risky.

Instead we should wait for price to trade back to previous highs around 99.50.

If price were to trade above the 100.75 resistance traders could look for a break and retest.

Buyers could look to target higher resistance levels at 102.00 or 104.50.

Technical Observations

• The CAD is S2 and JPY is W1 on the day traders table.
• Price found support down at the 95.00 lows.
• Price is now approaching the highs at 100.75.
• If price finds resistance here price could retest the highs at 99.50.
• Buyers may look to get back in here with targets being the highs at 100.75 or resistance at 102.00.