Tickmill's Investing Diva, CADJPY Outlook 20-02-20
CADJPY Outlook - On Wednesday we found out that Australia’s leading index fell in January, and its wages grew at a scrooge-like pace in the final quarter of last year.Meanwhile, Japan's exports, machinery orders fell as the Coronavirus risks grow.
Today I’m looking at the CAD/JPY pair the just confirmed a break above the daily Ichimoku cloud after the Japanese Yen sold off on yesterday’s news.
The pair remains in an upward channel, but we could see a temporary Ichimoku pullback here towards 83.43. But with this confirmation, we can see the key Fibonacci retracement levels being revisited at 84.55 and 85.65 respectively.
Do you think the Japanese Yen selloff will continue? Head over to the comments section and let me know!
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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