CADJPY LONG
Take Profit 1 - 107.10
Take Profit 2 - 107.60
Take Profit 3 - 108.10
Stop loss - 105.30
The CADJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 106.30, and a buy entry point of 106.30 is just below the recent high of 106.50.
There are a few reasons why CADJPY could continue to rise in the near term. First, the CAD is generally seen as a commodity currency, and it has been strengthening against the JPY in recent weeks as commodity prices have risen. Second, the Bank of Canada is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the CAD against the JPY. Finally, the Canadian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Canadian housing market and the country's exports of oil and other commodities.
Technical analysis:
From a technical perspective, the CADJPY pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Canadian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Canadian housing market and the country's exports of oil and other commodities. However, the Bank of Canada is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the CAD against the JPY.
Risks:
There are a few risks to consider before entering a trade on CADJPY. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the CADJPY pair. Second, the Bank of Japan is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the JPY. Finally, the Canadian economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the CAD and lead to a decline in the CADJPY pair.
Overall:
I think CADJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on CADJPY:
The economic outlook for Canada and Japan.
The level of volatility in the forex market.
The price of oil and other commodities.
Take Profit 2 - 107.60
Take Profit 3 - 108.10
Stop loss - 105.30
The CADJPY pair has been in a bullish trend for the past few weeks, and it is currently trading near the top of its range. The current spot rate is 106.30, and a buy entry point of 106.30 is just below the recent high of 106.50.
There are a few reasons why CADJPY could continue to rise in the near term. First, the CAD is generally seen as a commodity currency, and it has been strengthening against the JPY in recent weeks as commodity prices have risen. Second, the Bank of Canada is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the CAD against the JPY. Finally, the Canadian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Canadian housing market and the country's exports of oil and other commodities.
Technical analysis:
From a technical perspective, the CADJPY pair is trading above its 200-day moving average, which is a bullish signal. The pair is also forming a bullish ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The Canadian economy is expected to grow more quickly than the Japanese economy in the near term. This is due to a number of factors, including the strength of the Canadian housing market and the country's exports of oil and other commodities. However, the Bank of Canada is expected to raise interest rates more quickly than the Bank of Japan, which could put upward pressure on the CAD against the JPY.
Risks:
There are a few risks to consider before entering a trade on CADJPY. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the CADJPY pair. Second, the Bank of Japan is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the JPY. Finally, the Canadian economy is facing some headwinds, such as the war in Ukraine and the ongoing trade tensions with China. These headwinds could weigh on the CAD and lead to a decline in the CADJPY pair.
Overall:
I think CADJPY is a good pair to trade for those who are looking for a long-term bullish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on CADJPY:
The economic outlook for Canada and Japan.
The level of volatility in the forex market.
The price of oil and other commodities.
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