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Forex Strategy: Looking to Buy CADJPY After Pullback

Forex Strategy: Looking to Buy CADJPY After Pullback

Ilya Spivak, Head Strategist, APAC

I am looking to enter long CADJPY to capture the supportive impact of the Fed’s expanded easing effort on Canada’s economy and BOC monetary policy, coupled with the election of Shinzo Abe as Prime Minister of Japan. Abe is an advocate of pushing the BOJ into open-ended easing with an inflation target of 2 percent. I will look for a pullback from resistance at 84.95 amid post-election profit taking and position for attractive buying opportunities near downside barriers at 82.88, 81.26 and the 80.00 figure.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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