CADJPY had been unable to break that 90.20-30 resistance, which proved to be a major confluence; 38% retracement of the decline from the 125.29 high (Nov 07) to the 68.38 low (Jan 09) as well as the low from Aug 05 and the high from Jun & Aug 09. The string of disappointing economic news from Canada (unexpected payrolls loss, unexpected trade deficit and tumble in building permits) has started to disrupt the loonie from its recent bull run. Although oil price strength has boosted CAD as of late, we may see a situation where risk aversion and stock market nervousness during earnings season to weigh on the commodity currencies vs. JPY, in which case CAD could be at the top of the list due to these fading fundamentals. Preliminary target seen at 88.20, followed by 87.80. The downleg could ultimately extend to continue towards 87.30. CADJPY volatility could trigger several bounces above 89.50s, therefore shorts must consider stops between 89.60 and 90.
Jan 11, 2023 10:57 | by Ashraf LaidiIf the DAX40 maintains its habit of extending 13% above its 200 DMA, then current upside may extend to as high as 15300, just below the 76% retracement of the decline from the Jan 2022 high to...
Dec 6, 2022 14:34 | by Ashraf LaidiWe know the DXY is highly correlated with USD/CNH so if the Head-&-Shoulder on USD/CNH formation proves valid, then further USD downside lies ahead. ..
Nov 12, 2021 12:55 | by Ashraf Laidihttps://www.binance.com/en?ref=13288560...