CADJPY has recently seen a 2.23% sell-off in the direction of the key support level of 87.372. The last time that the price reached this level there was a 2.78% rise in price to the 90.388 area. CADJPY has been in a downtrend since the 21st of October and has traded underneath the overhead resistance since. The price is currently trading at 88.374, and appears to be approaching the key support level mentioned above. The RSI indicators on the 4hr chart are showing oversold levels (11.34) which shows that price could rise from this point. Today at 1:30 pm, the CAD inflation YoY rate data will be released. A reading higher than the 4.7% consensus could mean CAD pairs will rise which complies with this long analysis. Later on today JPY's Balance of Trade will be released which will impact CADJPY, a reading higher than the -¥675B consensus which is bullish for JPY and bearish for CADJPY. The target for this trade is at 90.346 with a stop at 87.427.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.