USD/CAD reversed down from 1.2865 last week and formed a candlestick with a long upper wick on the W1.
USD/JPY: a SELL opportunity
Information is not investment advice
USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December. This is the third time the price comes to this level. As a result, a correction to the downside is likely. The decline below support at 105.85 will open the way down to 105.60 (200-day MA). The further fall will make the pair vulnerable for a fall to the lower border of the short-term uptrend at 105.00.
The market awaits the release of the US retail sales and the FOMC meeting minutes. IF the former is worse than expected, USD/JPY will get hurt.
Trade idea for USD/JPY
SELL 105.80; TP 105.60; SL 105.90
SELL 105.40; TP 105.00; SL 105.60
The 200-period MA just above 1.3650 supported GBP/USD. The pair formed a higher low on the H1.
Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
On Tuesday, the USD advanced against the so-called “safe-haven” currencies: the Swiss franc and the Japanese yen
Ichimoku Kinko Hyo NZD/JPY: The pair is trading above the cloud…
This Tuesday evening, OPEC+ starts the series of this week's sessions to define the supply increase. Check the article out to know how to trade it!