JPY Strong For Now : CADJPY Lower?
Thurs 13th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- CADJPY (Primary Focus Pair)
- USDJPY (Covered In Video)
- CADCHF (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| CADJPY Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 105.50 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 106.30 | -80 pips | |
| Profit 1 | 104.50 | +100 pips | 1: 1.25 |
| Profit 2 | 102.50 | +300 pips | 1 : 3.75 |
Details:
CADJPY could be a forex pair to watch for lower prices as it heads towards a major weekly key support level of 104.50.
CAD is a weak currency and features as W2 on both of our live forex strength vs weakness tables.
If this remains we could be looking to sell CAD against stronger currencies.
CADJPY has been in a strong downward trend, and when viewing the weekly time frame we can see that price could trade all the way down to 102.50.
On the hourly chart we can see that the prior lows at 105.50 could act as resistance.
This level holds confluence with the 50 moving average.
If sellers get involved here we could look to target the lows at 104.50 and even beyond to 102.50.
Technical Observations:
- Price is in a strong downward trend.
- Price could retest prior lows at 105.50.
- This level has confluence with the hourly 50 moving average.
- Sellers could target 104.50 and 102.50.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
