We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
  • #Silver’s recent bull run may have run its course in the short-term with the sharp sell-off from the September 4 high print at $19.66/oz.Where is Silver heading? Get your market update from @nickcawley1 here: https://t.co/oVAZ4wPR7z https://t.co/1LvLXmqnwx
  • RT @Frances_Coppola: NY Fed thinks reserve hoarding by a small number of banks caused the repo tantrum. Question is, why are they hoarding…
  • Gold Prices Weekly Technical Forecast, Finding Upside Commitment? #GoldPrice #XAUUSD #Gold - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2019/09/20/Gold-Prices-Weekly-Technical-Forecast-Finding-Upside-Commitment.html?utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/CgaaEzb2li
Opening Range Setups in CADJPY Ahead of Key Inflation Data

Opening Range Setups in CADJPY Ahead of Key Inflation Data

2016-02-16 20:49:00
Michael Boutros, Technical Strategist
Share:

Talking Points

CADJPY Daily

Opening Range Setups in CADJPY Ahead of Key Inflation Data

Chart Created Using FXCM Marketscope 2.0

Technical Outlook: CADJPY has continued to trade within the confines of a descending median-line formation dating back to 2014 with the pair setting a well-defined 2016 yearly opening range just above trendline support dating back to the 2009 low. The broader short-bias remains in focus while sub 87.43 where the August lows converges on the 50% retracement of the 2009 advance (broader bearish invalidation). Interim support rests at the low-day close at 80.60 backed by the range lows at 78.93.

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders” series.

CADJPY 30min

Opening Range Setups in CADJPY Ahead of Key Inflation Data

Notes: The weekly opening range is taking shape just below trenline resistance extending off the monthly highs and we’ll be looking for a break to validate our near-term directional bias. If the relief rally off the low is complete, look for a break of the lows to target support objectives at 81.38, 80.88 & the low-day close at 80.60. A close below this level keeps the short bias in play targeting susbsequent support targets at 80.17, 79.27 and the yearly low at 78.93.

Soft resistance is eyed at 82.60 backed by trendline resistance at ~83.00. A breach above 83.49 invalidates the immediate short-bias with such a scenario targeting the 61.8% retracement at 84.06. Subseqeunt resistance objectives eyed at 84.70 & 85.20. A quarter of the daily average true range (ATR) yields profit targets of 43-47pips per scalp. Added caustion is warranted heading into the end of the week with both US & Canadian inflation figures on tap on Friday.

Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!

Check out SSI to see how retail crowds are positioned as well as open interest heading into February trade.

Get DailyFX’s Top Trading Opportunities of 2016 Here

Relevant Data Releases

Opening Range Setups in CADJPY Ahead of Key Inflation Data

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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

DISCLOSURES

News & Analysis at your fingertips.