Current risk off sentiment in the market is keeping JPY bid across the board with USDJPY breaking below 112 eventhough touch choppy and indecisive around trendline support and horizontal support. It feels like the near term future for risk sentiment depends on the 112 handle for usdjpy.
As for Cad, weakening and breaking out on the usdcad chart so were seeing jpy strength and cad weakness has caused CADJPY to break below the fib618 and horizontal support around the 85.50 mark.
For this trade to work CAD continue to weaken (oil weakness and $$$ strength) and JPY continue to strengthen (global risk off sentiment to worsen). Would like to see usdjpy remain below 112, however i feel global risk off sentiment is somewhat over sold and equities look tired and could do with a bounce, before either return to all time highs or continue in the down trend.
As for Cad, weakening and breaking out on the usdcad chart so were seeing jpy strength and cad weakness has caused CADJPY to break below the fib618 and horizontal support around the 85.50 mark.
For this trade to work CAD continue to weaken (oil weakness and $$$ strength) and JPY continue to strengthen (global risk off sentiment to worsen). Would like to see usdjpy remain below 112, however i feel global risk off sentiment is somewhat over sold and equities look tired and could do with a bounce, before either return to all time highs or continue in the down trend.
Order cancelled:
never even took this trade