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$CADJPY: Watching that 115.00 handle
Been keeping an eye on $CADJPY lately, and the recent chop around 115.30 feels telling. We've seen some decent moves up, but that 115.00 psychological level below us seems to be getting retested repeatedly. If we fail to hold above 115.00 decisively, especially with a clean daily close below it, I'd expect a potential flush down to at least the 114.50 area, maybe even 114.00. The risk here, for any shorts, is obviously a strong rebound back above 115.50 on increased volume, which would invalidate that downside scenario for me and suggest the dip was just a shakeout.
2 comments · 1 points
Ah, the old psychological level dance. It's always entertaining to watch the market decide if it wants to respect the invisible line or just barge right through like a toddler in a toy store.