CADJPY - the momo players should have this front and centre
CADJPY is breaking out of its 91.75 double top and eyeing a move into the 138.2% fibo extension of the December rally at 93.30. Momentum traders should have this front and centre on the radar.
Momentum studies (ROC, RSI) highlight the strength of the move suggesting if price can print a daily close above the breakout point, then the risk of a move into 93.30 naturally rises. We see price is hugging the upper Bollinger Band, with the %B close to 1 all through 2022. As the bands expand and price hugs the upper band, we should see pullbacks as a buying opportunity within a progressively bullish trend.
Long CADJPY trades also feed off a weaker USD, as a weaker USD feedbacks into higher crude, which will in turn boost the CAD.
CW
Momentum studies (ROC, RSI) highlight the strength of the move suggesting if price can print a daily close above the breakout point, then the risk of a move into 93.30 naturally rises. We see price is hugging the upper Bollinger Band, with the %B close to 1 all through 2022. As the bands expand and price hugs the upper band, we should see pullbacks as a buying opportunity within a progressively bullish trend.
Long CADJPY trades also feed off a weaker USD, as a weaker USD feedbacks into higher crude, which will in turn boost the CAD.
CW
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