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USDJPY Questions Bear Trend; USDCAD Stays Bearish

usdjpy chart

  • Both the USDJPY and USDCAD spot forex rates currently retain an intermediate-term bearish outlook.
  • But growing risk is for USDJPY to switch to an intermediate-term neutral theme above 112.13.
  • But USDCAD stays bearish whilst contained below 1.3550.

See all technical analyses

USDJPY – Upside risks

A minor dip Friday, but we still see upside pressures from last Tuesday’s solid push up into the 111.71/80 resistance area and from the strong rally since the mid-June Fed Meeting, aiming higher again Monday.

Furthermore, risk is still growing for a push up to challenge 112.13, through which would see an intermediate-term shift from bearish to neutral.

For Today:

l We see an upside bias for the 111.79/80 area; break here aims for critical 112.13, may be closer to 112.52

l But below 110.87 and 110.62 opens risk down to 110.18, maybe towards 109.60.

Intermediate-term Outlook – Downside Risks:

l We see a negative tone with the bearish threat to 108.10.

l Below here targets 107.19, 105.99 and 104.93.

What Changes This? Above 112.13 signals a neutral tone, only shifting positive above 114.37.

4 Hour USDJPY Chart

usdjpy chart

USDCAD – Bearish threat intact

Despite a bounce attempt Friday to probe 1.3295 resistance, whilst below 1.3308 we see negative pressures from the Thursday sell-off through support at 1.3265, keeping the threat back lower Monday.

Furthermore, the June push below 1.3219 signalled an intermediate-term bearish shift.

For Today:

l We see a downside bias for the 1.3187/63/60 support area; break here aims for 1.3100.

l But above 1.3308 opens risk up to 1.3347.

Intermediate-term Outlook – Downside Risks:

l We see a negative tone with the bearish threat to 1.3002/00 and 1.2965.

l Below here targets 1.2759 and 1.2676/51.

What Changes This? Above 1.3050 signals a neutral tone, only shifting positive above 1.3794.

4 Hour USDCAD Chart

usdcad chart

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