17/11/22 Daily Currency Strength Analysis: CADJPY Will The Price Trader Lower?

Thurs 17th November 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

• CADJPY

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

CADJPY Will The Price Trader Lower?

In today’s currency strength video we identified that JPY is S2 on the trend trader tables and the CAD is W1 on the day trader table.

The currency pair CADJPY last featured on the tables on the 11th November for short trading opportunities. Since then the price has traded lower by 200 pips. 

The JPY has been strengthening recently due to risk headlines provided by the war between Ukraine and Russia. 

If that risk remains we could assume the price may break lower on CADJPY. Currently the price is trading at support of 104.50. 

If this level fails as support the price could head down to the next support of 102.50-102.00.

Technical Observations

• The JPY is S2 on the trend tables and the CAD is W1 on the day traders table.
• The pair first featured on the 11th November and price has fell over 200 pips since then.
• Currently price is trading at the support of 104.50. A break of these lows will offer opportunities to sellers.
• If price does trade lower the price could test the support of 102.00-102.50 which has confluence with the 200 moving average.
• Day traders could look for the price to trade back to the minor trendline resistance and watch for rejections.
• From the higher time frame the price rejected the key 110.00 highs. Since then the price broke down through a bullish channel support.