CAD/JPY in up channel
September 27, 2023 6:25 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
The CAD/JPY pair edged higher, reaching 110.75 high. Now, it has retreated a little and now is located at 110.55 at the time of writing. After its strong rally, a temporary drop is natural. Still, the bias remains bullish, so an upside continuation is still in cards despite temporary retreats.
The currency pair rallied in the last hours as the Yen was weakened by the Japanese Yen Futures’ drop. The CAD took the lead after the US reported better than expected data today. Tomorrow, the US economic figures could have a big impact. The Final GDP is expected to report a 2.2% growth versus the 2.1% growth in the previous reporting period, while the Final GDP Price Index may report a 2.0% growth. In addition, Unemployment Claims and Pending Home Sales could report worse data compared to the previous reporting period.
CAD/JPY 110.69 Key Resistance!
The CAD/JPY pair failed to retest the uptrend line signaling strong buyers. It has jumped above the weekly R1 (110.55) but it has found resistance at the 110.69 former high.
It has registered only a false breakout through this static resistance and now it has dropped a little.
CAD/JPY Forecast!
As long as it stays above the uptrend line, the CAD/JPY pair could resume its growth. Jumping and closing above 110.69 activates more gains. This is seen as a new buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: