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Japanese Yen Forecast: CAD/JPY, GBP/JPY Levels to Watch

Japanese Yen Forecast: CAD/JPY, GBP/JPY Levels to Watch

2020-10-13 09:35:00
Justin McQueen, Analyst
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JPY, CAD/JPY, GBP/JPY Analysis & News

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As equity markets remain buoyant, cross-JPY has found some modest support, subsequently, holding up relatively well despite Johnson & Johnson announcing that it will pause its COVID vaccine trial after a participants adverse reaction. Elsewhere, focus will also begin to shift towards the upcoming US earnings season with financials kicking off proceedings.

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Japanese Yen Forecast: CAD/JPY, GBP/JPY Levels to Watch

CAD/JPY Dips Remain Supported

Canadian Dollar remains supported on dips, particularly after the stellar jobs report announced on Friday. The reflation theme stemming from rising expectations of a blue wave as Biden maintains a strong lead in the polls, has kept the likes of the Canadian Dollar supported. CAD/JPY downside to be supported at 80.02, which marks the 50DMA, below puts 79.50-60 in focus. On the topside, resistance resides at 80.60-65 where the cross has had multiple failures.

(Implied range based on option pricing: 80.00-80.65)

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Brexit Headline Watch for GBP/JPY

Nearing the de-facto Brexit deadline set by UK PM Johnson, markets will remain on Brexit headline watch given the Pounds heightened sensitivity to Brexit newsflow. While there has been little signs of a breakthrough, the mood music has improved and thus the near-term for GBP remains constructive. Further upside in GBP/JPY at present has been capped by the 50DMA (137.79). That said, in the event of a breakthrough, initial targets would be set for 140.00. On the downside, short-term support is situated at 137.25 with a break below raising scope for a push towards 136.53 (200DMA).

(Implied range based on option pricing: 136.80-138.35)

GBP/JPY BEARISH
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