Forex analytics and overview

CAD/JPY Climbs Towards A Stubborn Resistance

2022.06.10 10:17

The Japanese yen’s weakness is evident across all its pairs, including against the Canadian dollar. The CAD/JPY pair has displayed a solid bullish uptrend after its breakout above the 92 price level on a monthly time frame and is now facing a historically stubborn resistance.

Looking at the CAD/JPY chart below, we can see that the price is currently at the supply area based on the Supply and Demand indicator and has strong resistance at 103.381. Historically, the price has been rejected at that price level and moved back lower to the decade-long demand zone at around 74.580.

Traders are on the lookout right now at this strong monthly supply zone as this could be a good opportunity to take an upside position for a breakout or sell to the downside if it rejects at the supply zone.

If an upside break does occur, will the CAD/JPY continue to the next supply zone starting at 115.530? The possibility of this might be dependent on the fundamental factors, including whether Japanese authorities intervene in the currency market.

CAD/JPY Climbs Towards A Stubborn ResistanceCAD/JPY monthly chart.

The Bank of Japan has vowed to maintain its ultra-accommodative policy, in stark contrast to the actions taken by other major central banks. As a result of the bank’s inaction, it will be up to the Ministry of Finance to intervene in the currency market if the JPY continues its rapid depreciation.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,780.66 0.34%
ethereum
Ethereum (ETH) $ 3,325.31 0.32%
tether
Tether (USDT) $ 0.999298 0.09%
xrp
XRP (XRP) $ 2.21 0.32%
bnb
BNB (BNB) $ 662.81 1.26%
solana
Solana (SOL) $ 185.02 2.68%
dogecoin
Dogecoin (DOGE) $ 0.317249 2.30%
usd-coin
USDC (USDC) $ 1.00 0.09%
cardano
Cardano (ADA) $ 0.904505 2.28%
staked-ether
Lido Staked Ether (STETH) $ 3,319.06 0.27%
tron
TRON (TRX) $ 0.24862 2.00%
avalanche-2
Avalanche (AVAX) $ 37.37 1.37%
chainlink
Chainlink (LINK) $ 23.09 5.81%
the-open-network
Toncoin (TON) $ 5.49 4.50%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,949.74 0.07%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 3.32%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,562.60 0.39%
sui
Sui (SUI) $ 4.35 2.90%
stellar
Stellar (XLM) $ 0.361483 3.91%
polkadot
Polkadot (DOT) $ 7.00 2.17%
hedera-hashgraph
Hedera (HBAR) $ 0.266833 7.31%
hyperliquid
Hyperliquid (HYPE) $ 28.03 15.87%
weth
WETH (WETH) $ 3,324.05 0.36%
bitcoin-cash
Bitcoin Cash (BCH) $ 451.38 0.75%
leo-token
LEO Token (LEO) $ 9.38 0.95%
uniswap
Uniswap (UNI) $ 14.13 4.98%
litecoin
Litecoin (LTC) $ 104.02 5.47%
pepe
Pepe (PEPE) $ 0.000018 5.37%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,507.89 0.37%
near
NEAR Protocol (NEAR) $ 5.15 5.22%
ethena-usde
Ethena USDe (USDE) $ 0.999636 0.18%
bitget-token
Bitget Token (BGB) $ 4.16 0.64%
usds
USDS (USDS) $ 0.997642 0.10%
aptos
Aptos (APT) $ 9.26 0.35%
aave
Aave (AAVE) $ 330.81 12.12%
internet-computer
Internet Computer (ICP) $ 10.17 3.36%
crypto-com-chain
Cronos (CRO) $ 0.156294 1.27%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.485597 3.83%
mantle
Mantle (MNT) $ 1.19 4.69%
ethereum-classic
Ethereum Classic (ETC) $ 26.54 3.45%
vechain
VeChain (VET) $ 0.046729 5.05%
render-token
Render (RENDER) $ 7.21 3.80%
mantra-dao
MANTRA (OM) $ 3.72 4.10%
whitebit
WhiteBIT Coin (WBT) $ 24.45 0.96%
monero
Monero (XMR) $ 189.85 1.94%
dai
Dai (DAI) $ 1.00 0.16%
bittensor
Bittensor (TAO) $ 460.99 2.90%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.29 3.68%
arbitrum
Arbitrum (ARB) $ 0.763628 3.52%
ethena
Ethena (ENA) $ 1.09 8.96%