CADJPY Will 98.00 Resistance Hold

Tues 14th March 2023 : Daily Currency Strength Analysis

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

• CADJPY
• CADCHF (Covered in Video)
• GBPAUD (Covered in Video)

CADJPY Will 98.00 Resistance Hold

CADJPY is our forex pair to focus on today as well as CADCHF and GBPAUD. 

CAD is the second weakest currency across both tables which could offer us opportunities to short it against stronger currencies.

The JPY has appeared on the day traders table as the third strongest currency. 

CADJPY has traded through multiple support zones of late and has recently found support at 96.25.

The higher volatility in the market could benefit the JPY. 

Price is approaching the key highs or 98.00 where sellers entered the market previously. 

If price rejects these highs we could see price trade back down to the lows of 96.25 or even 95.00.

Technical Observations

• The JPY is S3 and CAD is W2 on the day traders table.
• Price finds support at 96.25 lows.
• This level held confluence with a long term trend line.
• Price is approaching key resistance highs of 98.00.
• If price finds resistance here it could trade to the lows of 96.25.