Thursday, March 17, 2022
HomeForexDay by day Foreign exchange Information and Watchlist: CAD/JPY

Day by day Foreign exchange Information and Watchlist: CAD/JPY


This pair just lately busted via its longer-term vary resistance, and it appears to be like like a pullback is within the works.

Will assist maintain on the space of curiosity?

Earlier than shifting on, ICYMI, yesterday’s watchlist checked out AUD/USD for a possible risk-off setup. You should definitely try if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Contemporary Market Headlines & Financial Knowledge:

Crude oil tumbles under $100/barrel forward of FOMC this week

RBA assembly minutes: Russia’s battle on Ukraine is a brand new supply of uncertainty

RBA: Australian economic system is resilient, sees a central case to remain affected person

Chinese language retail gross sales surged 6.7% vs. 3.0% forecast, 1.7% earlier

Chinese language mounted asset funding up 12.2% vs. 5.0% forecast, 4.9% earlier

Chinese language industrial manufacturing rose 7.5% vs. 4.0% forecast, 4.3% earlier

PBOC injected 100 million CNY into monetary markets, stored charges on maintain

Ukraine negotiations with Russia to proceed as we speak

Stories of big explosions in central Kyiv and a Russian drone coming into Polish airspace

Eurozone & German ZEW financial sentiment figures at 10:00 am GMT
U.S. headline and core PPI at 12:30 pm GMT
U.S. Empire State manufacturing index at 12:30 pm GMT
ECB head Lagarde’s testimony at 3:15 pm GMT
New Zealand GDT public sale arising

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️

What to Watch: CAD/JPY

CAD/JPY 1-hour Foreign exchange Chart

There’s not a lot in the best way of top-tier information occasions to commerce as we speak, so I’m this technical setup on CAD/JPY for now.

You see, the pair busted via the resistance we have been eyeing final week, suggesting that an uptrend could also be so as. Earlier than that occurs, although, CAD/JPY may nonetheless retreat to the realm of curiosity on its hourly chart.

The Fib retracement ranges span an space of curiosity that’s proper round a rising pattern line and former excessive. A shallow pullback may already discover consumers on the 38.2% Fib whereas a bigger correction may attain the 61.8% Fib close to the 100 SMA dynamic assist.

This shifting common is above the 200 SMA to verify that assist is extra more likely to maintain than to interrupt. In that case, CAD/JPY may quickly discover its manner again as much as the swing excessive and past!

Stochastic is pulling greater after reaching the oversold area, too. Because of this consumers are taking up whereas exhausted sellers take a break.

I’d nonetheless be looking out for headlines that might affect total market sentiment, however to date it appears to be like like risk-on flows are surging on account of upbeat Chinese language knowledge. Any indicators of progress in Russia-Ukraine talks may additionally increase riskier holdings.

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