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CADJPY 94.50 - Line in the Sand

CADJPY 94.50 - Line in the Sand

Michael Boutros, Strategist

Talking Points


Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • CADJPY near-term focus higher above the monthly open- Reversal confirmation pending
  • Support & bullish invalidation into 94.50/59
  • Break lower targets 93.73 (March Low) & 93.00
  • Resistance up into the ML / 96.77
  • Momentum divergence into resistance trigger break- constructive
  • RSI breach above 50 would be bullish
  • Event Risk This Week: Limited

CADJPY 30min

Notes: The pair came off support early in the week with today’s reversal off the 96-handle now testing the lower median-line parallel of the proposed pitchfork off the monthly lows. The focus remains weighted to the topside while within this formation with a break sub 94.50/58 needed to put the short-side back into play (bullish invalidation).

We’ll look to buy pullbacks / RSI resistance triggers while above key support with a breach above the ML / 95.80 targets subsequent resistance objectives at 96.16 & 96.64/77. A quarter of the daily average true range yields profit targets of 19-22pips per scalp. Event risk is limited out of Canada & Japan this week so we’ll keep a close eye on key themes coming out of the Asia/Pacific region as it continues to impact global market sentiment with Chinese retail sales & industrial production on tap tomorrow.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

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