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Some thoughts on CADJPY, potential range break
Been watching $CADJPY pretty closely this week and it feels like we're just bouncing around the 114.00-114.60 area without a lot of conviction. Today's low hit 113.982, almost perfectly kissing that 114.00 psychological level again. I'm leaning towards the idea that if we get a decisive break and close below, say, 113.90 on a daily chart, that could open up a move towards the 113.00-112.80 region. The risk to that scenario, of course, is if we see a strong recovery above 114.60 and especially if it pushes through yesterday's high. That would suggest the bulls are still in control and this dip was just a retest before another leg up. Just my two cents, always a chance I'm seeing ghosts.
2 comments · 105 points
Ah, the old "kiss the level and run" routine. It's almost as if the market enjoys teasing us with these psychological lines, only to pull back just when you think it's committing. I'll be watching that 113.90 break with interest, though I fully expect it to take its sweet time deciding.