Waiting For The CADJPY Break
The Japanese yen has depreciated a lot as of late against most of the other majors like the USD, EUR, GBP, and CHF. Against the Canadian dollar, the yen has so far been holding its ground. As you can see from its daily chart, the CADJPY pair has just been merely trading sideways within a rectangle or a trading range for the last couple of months. Noticeably, though, the pair has already marked a higher low last October 25. In my opinion, demand since August has relatively picked up. Given this, it is possible that the pair may soon break its major resistance that is facing nearby at 97.00. A break above 97.00 may then send it back to the century marker while a failure to do so may send it down to 95.00 again.
Strategy: I’m looking to buy on breakout with my stop loss placed 50 pips below 97.00 and a target at 100.00.
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