CADJPY Can Be On the Verge of Bearish Reversal


The Canadian Dollar (CAD) fell against the Japanese Yen (JPY) on Monday, dragging the price of CADJPY to less than 85.70 after the emergence of a bullish engulfing candle and some major economic releases. The technical bias remains bullish because of a Higher Low in the recent downside move.

Technical Analysis

As of this writing, the pair is being traded near 85.64. A support may be seen around 84.52, the intraday low of Friday ahead of 83.64, the low of the recent dip on smaller timeframes and then 83.00, the psychological number.


On the upside, the pair is likely to face a hurdle near 86.21, the intraday high of Friday ahead of 87.04, the swing high of the last major upside rally and then 90.00, a major psychological level. The technical bias will remain bullish as long as the 79.27 support area is intact.

Canada Unemployment

Canada’s economy lost an unexpected 2,300 jobs in February, and the jobless rate ticked up to 7.3 per cent, Statistics Canada said Friday. The data agency said the unemployment rate last month was at its highest level since March 2013, almost three years ago. The February jobs figure surprised economists, who had forecast Canada would add almost 8,500 jobs, according to a survey conducted by Bloomberg.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels could be a good strategy if we get a valid bearish reversal candle on the daily chart.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Market Analysis: Dollar Falls from 10-month High Market Analysis: US Currency Continues to Grow Ahead of GDP Data Release Market Analysis: Gold and Commodity Currencies Resume Their Decline Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate


US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.