The price of #CADJPY remains bullish as the JPY continues to weaken. Could this offer us long opportunities?
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The price of CADJPY could continue to rally higher according to the strength meter. The strength meter shows that the JPY is the weakest currency currently. The Canadian Dollar could move higher this week as the market remains in a risk environment. In these environments the risk assets appreciate and haven assets depreciate offering trend opportunities.
The weekly price action shows the market is in an impulsive phase heading back towards the major swing highs. The swing highs have seen around 4 weeks of trading before we saw a move lower. This could be an area that the market wants to retest again.
If the price is going to get to this level we will see the 4hr time frame remain in an upward trend. Now the price has formed a new higher high we can look for long opportunities from the previous support.
You see our latest week ahead analysis here.
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