CADJPY - Bearish Bias
CAD - BEARISH
1️⃣ Lower oil prices weighing on the CAD.
JPY - BULLISH
1️⃣ The BoJ explicitly said Friday it will allow long-term interest rates to fluctuate in a wider band. The bank also removed a 6 trillion yen ($55 billion) annual target for buying exchange-traded funds while maintaining a ceiling of 12 trillion yen in a move designed to allow yields to fluctuate more and breathe life back into a market made dormant by the BOJ’s dominance.
2️⃣ The Japanese government fully lifted its second COVID-19 state of emergency Monday after extending it twice, as the nation remains on high alert for a rebound in new infections.
3️⃣ Risk-off tone supported the safe-haven JPY.
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Technical
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We are looking to sell the CADJPY at resistance + below SMA 50 on the H1 chart.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
1️⃣ Lower oil prices weighing on the CAD.
JPY - BULLISH
1️⃣ The BoJ explicitly said Friday it will allow long-term interest rates to fluctuate in a wider band. The bank also removed a 6 trillion yen ($55 billion) annual target for buying exchange-traded funds while maintaining a ceiling of 12 trillion yen in a move designed to allow yields to fluctuate more and breathe life back into a market made dormant by the BOJ’s dominance.
2️⃣ The Japanese government fully lifted its second COVID-19 state of emergency Monday after extending it twice, as the nation remains on high alert for a rebound in new infections.
3️⃣ Risk-off tone supported the safe-haven JPY.
=====
Technical
=====
We are looking to sell the CADJPY at resistance + below SMA 50 on the H1 chart.
=====
Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
Trade active
PENDING ORDER TRIGGEREDTrade closed: target reached
✅ TRADE HAS HIT TP+30 PIPS
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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.