Our free forex signals service trade today is a sell order on the CAD/JPY pair.
The CAD/JPY pair plunged in the short term. The pair has now reached a support zone and a demand area. The selling pressure is high, so a further drop is possible because the Japanese Yen is strongly bullish. Being in a support zone, personally, I’m looking for long opportunities, but I need strong confirmation before taking action.
The Japanese Household Spending registered only a 1.9% drop versus 3.5% expected compared to a 3.0% drop in the previous reporting period.
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Canadian Employment Change & Unemployment Rate
The Canadian Employment Change data is expected around 42.0K in October versus 157.1K in September, while the Unemployment Rate could drop from 6.9% to 6.8%. Better than expected data could boost the CAD/JPY.
From the technical point of view, the pair registered only false breakdowns below the lower median line (LML), signaling some demand here. Also, its false breakdown with great separation through the 23.6% retracement level showed exhausted sellers in the short term. After its amazing sell-off and failing to reach and retest the channel’s downside line, the CAD/JPY pair could develop a new swing higher.
Only making a new lower low, dropping, and closing below the 23.6% retracement level could signal more declines and invalidate the bullish scenario.
Free forex signals – BUY CAD/JPY at 91.50
Free forex signals entry price and take profit
Instrument: CAD/JPY
Order Type: BUY STOP
Entry price: 91.50
Stop Loss: 91.03
TP1: 92.22
My Risk: 1%
Risk / Reward Ratio: 1 / 1:5
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Saqib Iqbal
