Forex trading USD/JPY, US inflation in focus, CAD weaker on poor employment data [Video]
|We have been following the weakness of JPY for months now and it just keeps getting weaker.
But, are we seeing a pullback?
We are seeing a bit of EUR weakness thanks to the results in the French elections and a bit of USD weakness due to political uncertainty.
So, we may be seeing price action forming falling wedges USDJPY and EURJPY which is a bullish indicator so keep an eye on the technicals.
Also, keep an eye on this week’s US economic news as we have Jerome Powell testifying in Congress and lots of inflation data for the Fed.
Speaking of JPY, we hope you were paying attention to the last video as our long position on CHFJPY turned out quite well.
We looked at GBPCAD and AUDCAD last week but last Friday’s poor employment data sent the Loonie weaker so we will watch for reversal opportunities.
The French CAC40 fell on the opening today based on the election results but it looks like investors are taking advantage.
The index has been ranging as it tries to break out of this ragged reversal pattern.
That’s all for now.
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