Tonight we will look at CAD/JPY. We’ve seen a few factors today that may push the pair down to a great buying price to jump in the “Return of the Carry Trade” bonanza we’re seeing today. The bull run in oil took a breather today as tensions in Iran eased as Iran and U.K. agree to negotiate the release of the British sailors and marines. Also, we may see a decline in CAD/JPY as Canada’s main commodity moneymaker may take a hit in the short term and on profit taking.
Let’s see if we can get long on CAD/JPY:
Long CAD/JPY at 102.10, stop at 101.80, pt1 at 102.30, pt2 at 1.0260
Please remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.
Good luck and good trading!