USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD/JPY tries to recover
BUY 108.75; TP 109.00; SL 108.65
SELL 109.20; TP 108.00; SL 109.50
The US dollar is correcting up versus the Japanese yen. USD/JPY managed to rise above the 50-period MA on H4 and get above the highs of last week. The pair is also trading above the weekly pivot point at 108.19. This opens the way up to the 109.00 area. This level is the target for the bullish correction. Beyond this point, it will be riskier to trace the retracement. Given the declining resistance line around 109.25, it will be sensible to think about selling the pair if it manages to get this far.
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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