In today’s free forex signals service we have a buy order on CAD/JPY. The pair has dropped a little but the bias remains bullish. This could be just a temporary decline before jumping higher.
Technically, the pair is nevertheless still expected to increase. The Nikkei has managed to rebound, causing the yen to depreciate again.
The yen has risen too, after the BOJ Core CPI registered a 0.3% growth versus 0.2% expected in yesterday’s session. On the other hand, the Canadian Dollar is under pressure in the short term.
The Loonie has depreciated versus other currencies as well and not only against the JPY, but strong commodity prices may have limited the damage.
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Canadian producer prices lower than expected
Fundamentally, the Canadian IPPI and RMPI indicator came in lower than the previous month earlier today. Later, the BOJ Governor Kuroda is making a speech and that may bring heightened volatility.
Tomorrow morning, the Retail Sales, Prelim Industrial Production, and the Housing Starts publication could help to establish a clearer direction of travel for the pair.
The CAD/JPY has increased to as much as 88.31, where it has run into resistance. It is located at 87.772 below the ascending pitchfork’s median line (ML). It could still increase as long as it stays above 87.624 immediate low.
Making a valid breakout through the minor downtrend line and stabilizing above the median line could signal an upside continuation. The upside scenario could be invalidated by a drop and stabilization below the downtrend line.
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Free forex signals – BUY CAD/JPY at 88.181
Free forex signals entry price and take profit
Instrument: CAD/JPY
Order Type: BUY STOP
Entry price: 88.181
Stop Loss: 87.498
TP1: 89.417
My Risk: 1%
Risk / Reward Ratio: 1:1.81
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