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USDJPY 4 HOUR CHART – BOJ VS. THE WORLD
Looking at this chart, it would normally suggest a run at 156.28 and above.
However, the intervention threat has so far been enough to cool speculative pressures and push USDJPY into the background.
This leaves USDJPY trapped within 155-156.
Use short-time frames if plan to trade USDJPY intra-day.
EURUSD 4 HOUR CHART
EURUSD looks set to trade with a bid as long as it stays above 1.0750 with local support around 1.0770.
Resistance is at 1.0791 with last Friday’s. 1.0818 post-US jobs report high above it (also the pivotal 1.08 level).
This has been a quiet week for US data but that will change next week with key inflation and retail sales reports..
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USDJPY WEEKLY CHART – IF I WAS THE BOJ
If I was the BOJ I would have a goal to break the 145.89 level, where the major weekly trendline will also be at in the coming weeks.
From the savvy trader
They ie funds retail etc will once again buy the dip but all they are doing is creating liquidity to stop the pair from falling precipitously
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USDCAD 1 HOUR CHART – LOONIE TUNES
Sometimes the CAD is referred to as the Loonie and for good reason but not this time USDCAD was trading soft even when the USD moved higher earlier today. So it should be no surprise to see it trade down when the USD turned soft.
As this chart shows, there are layers of support between 1.3620-80 that needs to break for the move down to pick up steam.
Look for a limited upside if it stays below 1.3713.
Note the key Canadian jobs report is released on Friday.
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