CADJPY is likely to fall (Daily)

FX:CADJPY   Canadian Dollar / Japanese Yen
YEN and SPX are negatively correlated. The chart below is weighted average YEN and the line chart is SPX .

Now I think SPX is likely to fall as it reached a very strong resistance. This is SPX daily.

IF SPX falls then YEN will rise.
Here is CAD weighted average (daily). It made three attempts to go higher after breaking resistance but all failed.

If YEN rises and CAD falling then CADJPY is a good combination to go Short. Do not forget that on daily Timeframe CADJPY reached the key 200 day EMA .

Thanks for visiting this post.

Trade closed: target reached


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