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JPY Strong For Now : CADJPY Lower?

Thurs 13th July 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

  • CADJPY (Primary Focus Pair)
  • USDJPY (Covered In Video)
  • CADCHF (Covered In Video)
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Primary Focus Pair: Trade Plan & Details

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.

Live Forex Charts - CADJPY - Charles Clifton Forex Trader - 1-2-1 Forex Trader Training Courses - 13-07-23