CADJPY Possible Sell

ProForex

ProForex

Looking for a sell in the purple circle area. This is an intra-week trade and this trade could take couple of days through this week to platy out. Expecting the trade to be over by Friday.

We would like to see Japanese Yen strengthen with Canadian Dollar sidelining or weakening.

Fundamentals to keep an eye out on:

For JPY : Revised Industrial Production m/m, Core Machinery Orders m/m & Tertialry Industry Activity m/m

For CAD: Manufacturing Sales m/m & Consumer Prize Index m/m & y/y data.

Screenshot:

CADJPY.png
 
Do you think these pieces of fundamental data will cause so large shift in expectations? I doubt so however hold same view on CADJPY (should be weaker short-term)
 
Hi @kroxobor ... it could be a long term trade.. that is it could play out to next week(Mon/Tues). So we may see some blasts and halt areas along the way. Very interested to see what the CPI info for CAD is going to be on Wednesday .. wanting to see some weakness come in.

So far have seen Revised Industrial Production m/m for JPY indicating sidelining sentiments. That is fine. However as mentioned very keen to see some weakness come into CAD mid week. Looking out for some strength on Core Machinery Orders m/m for JPY.

Yeah agree with you that on expecting a large shift may not be the best idea, there is lots of liquidity and movement available if trade starts to play out. Will be happy to take profit even at 100 pips keeping my risk to reward in the 1Risk is to 3Reward ratio.

In saying all this.. I am ready to let go of the trade & stand aside at any moment if things don't line up :) Only stalking it at this stage.
 
CAD Manufacturing Sales are showing signs of weakness. Would like to see some strength come into JPY by Tertiary Industrial Activity to fuel the trade further south.

Trade in play!


CADJPYProgress.png
 
Last edited:
You must log in or register to reply here.
Back
Top