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USDJPY Sees Intermediate-Term Bull Shift as USDCAD Stays Positive

usdjpy

  • We last looked at the USDJPY and USDCAD currency pairs here on 11th April, then with a negative bias for USDJPY and positive tone for USDCAD.
  • Subsequent positive price action for the USDJPY FX rate has seen a probe just above the prior cycle high for 2019 at 112.14, which has shifted the intermediate-term outlook to bullish and leaves the risks higher for latter April.
  • The USDCAD Forex rate has stayed overall positive since our last report, rebounding from above key support at 1.3246, sustaining the intermediate-term bull trend.

 

USDJPY still pointing higher

A sideways consolidation through mid-April, before and after the positive probe above key 112.14 resistance and the earlier push above the 111.82/90 resistance area, to keep the bias higher Tuesday.

The mid-April prod above 112.14 was enough to shift the intermediate-term outlook to bullish.

For Today:

  • We see an upside bias for 112.17; break here aims for 112.64 and maybe 113.07
  • But below 111.55 opens risk down to 110.81/80.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 113.71.

  • Higher targets would be 55 and 115.00.
  • What Changes This? Below 110.81 shifts the outlook back to neutral; through 109.66 is needed for a bear theme.

Resistance and Support:

112.17 112.64* 113.07 113.53 113.71**
111.55 110.81/80* 110.51 110.00/109.99* 109.69/66***

4 Hour USDJPY Chart

usdjpy 

USDCAD still a positive tone

A solid consolidation through the Easter Holiday season after last Wednesday’s spike lower and firm intraday rebound from just below the 1.3277 level and above key 1.3246 support (from 1.3270), to sustain a positive bias for Tuesday.

The early March surge through 1.3375 set an intermediate-term bull trend, BUT risk is growing for a shift back to neutral below 1/3246

For Today:

  • We see an upside bias for 1.3396/1.3403; break here aims for 1.3446/49 maybe towards 1.3469.
  • But below 1.3304 opens risk down to 1.3270 possibly key 1.3246.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.3665.

  • Higher targets would be 1.3794 and 1.4000.
  • What Changes This? Below 1.3246 shifts the outlook back to neutral; through 1.3110 is needed for a bear theme.

Resistance and Support:

1.3396/3403* 1.3446/49* 1.3469/74/88* 1.3500* 1.3567
1.3304 1.3270* 1.3246*** 1.3206 1.3154

4 Hour USDCAD Chart

usdcad

 

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