USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/JPY looks vulnerable
SELL 107.40; TP1 107.10; TP2 106.70; SL 107.55
USD/JPY formed a candlestick on the W1 that strongly resembles a “shooting star”. This happened right at the resistance of the 50% Fibonacci retracement of the April-August decline at 108.40. The weak risk appetite may contribute to the strength of the JPY and the weakness of USD/JPY. On the D1, the pair slipped below the 100-day MA (107.90) on Friday. The next bearish target below the last week’s low of 107.45 lies at 107.10 (50-day MA) and then at 106.70.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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