Trade Setup: CADJPY
If the US Dollar continues to find support off it's multi-week lows, that may further pressure commodity currencies (e.g. CAD), which in turn could see positive sentiment in risk assets wane and, supporting a safe-haven such as the Yen.
On this basis, CADJPY may be due a minor correction, also supported by the following technical drivers:
- Price extended vs it's 200-day SMA
- Daily candle structure showing early signs of momentum being lost.
- Trend line support at risk
- Lower highs for the RSI, supporting the loss of momentum
- The spread between the daily RSI (yellow) and weekly RSI (blue) is starting to widen.
Current: 90.81
Short on a break below 90.63 (or 90.70 for aggressive traders)
Stop-loss: 91.12
Target Range: 89.75 down to 89.45
On this basis, CADJPY may be due a minor correction, also supported by the following technical drivers:
- Price extended vs it's 200-day SMA
- Daily candle structure showing early signs of momentum being lost.
- Trend line support at risk
- Lower highs for the RSI, supporting the loss of momentum
- The spread between the daily RSI (yellow) and weekly RSI (blue) is starting to widen.
Current: 90.81
Short on a break below 90.63 (or 90.70 for aggressive traders)
Stop-loss: 91.12
Target Range: 89.75 down to 89.45
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