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USDCAD still bullish and USDJPY aiming higher

usdcad chart

 

USDCAD Upside bias intact, despite setback

A selloff Wednesday below initial 1.3343 support, but holding above the better 1.3290 level high-level, to hold onto upside forces from Monday’s surge above resistance at 1.3400, to undo negative pressures from last Friday’s erratic plunge and rebound from just above the 1.3239 support (from 1.3249), to keep the bias higher Thursday.

The early November push above 1.3226 set an intermediate-term bull tone.

For Today:

  • We see an upside bias for 1.3388; break here quickly aims for 1.3424, then 1.3455 and 1.3470.
  • But below 1.3318 opens risk down to 1.3290, maybe 1.3249/39.

 Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.3500.

  • Higher targets would be 1.3777 and 1.4000/17.
  • What Changes This? Below 1.3157 shifts the outlook back to neutral and then through 1.3123 would quickly sees a bear theme.

Resistance and Support:

1.3424 1.3455 1.3470* 1.3503 1.3539/47**
1.3318 1.3290* 1.3249/39** 1.3199 1.3157/51**

4 Hour USDCAD Chart

 usdcad chart

 

USDJPY Upside risks intact

A resilient consolidation tone on Wednesday to reinforce Tuesday’s rebound from above 112.57 support (off of 112.98) above the swing peak at 113.24, further rejecting any bear forces from last Thursday’s plunge (to prod through 112.27 support), keeping the bias higher for Thursday

The early December probe below 112.27 swing and range support shifted the intermediate-term outlook to bearish.

For Today:

  • We see an upside bias for 113.52; break here aims for 113.71/85, maybe key 114.04.
  • But below 112.98 opens risk down to 112.57, maybe towards 112.21/20.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 111.35.

  • Lower targets would be 110.36 and 109.74.
  • What Changes This? Above 114.04 shifts the outlook back to neutral; above 114.55 is needed for a bull theme.

Resistance and Support:

113.52 113.71/85* 114.04*** 114.21** 114.55***
112.98* 112.57 112.21/20* 111.82 111.51

4 Hour USDJPY Chart

usdjpy chart 

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