Weekly Market Analysis: USD/CAD, USD/JPY, NZD/JPY, & CAD/JPY

Hello traders,

There are some great setups lined up for the week, let’s hit them charts:

1. USD/CAD 

From last week close of market, bullish engulfing candlestick can be spotted on the USD/CAD, after touching a key resistance zone.

This week We will be looking for a sell opportunity to the next possible support zone. That said, for traders who would prefer to have a better RR, we may have to wait for a slight pullback before selling

2. USD/JPY

Last week USD/JPY dropped over 260 pips to a key support zone. What do you think this week will present?. A further drop below the current support zone or a bounce back to last week’s high?

If you ask me, I will bet that price will more likely revisit last week’s previous high, or at least move 50% retracement before heading below the key support zone (if at all). 

My advice will be for us to exercise patience, just to see how Monday daily candlestick closes before making up our mind. If Monday’s daily candlestick closes below the key support zone, then we should be getting ready for another 200 pips plus before the week run’s out.

If Monday’s daily candlestick closes with a doji (signifying indecision), it won’t be bad to start buying, having partial retracement or full retracement in mind

3. NZD/JPY

We have a breakout below the key support zone on NZD/JPY from last week, and multiple attempts by the bulls to initiate a reversal ended up being futile.

This week we will be looking out for sell opportunities  to the NPSZ

4. CAD/JPY

Like we predicted last week, CAD/JPY has done it’s first descent after hitting a key resistance zone. This week it’s possible we see the second fall play out.

Last week’s over 200 pips fall happened within 3 days, and the last daily candlestick closed within the key support zone. The week may most likely start with Monday’s candlestick breaking below the key support zone. If that happens, then a sell opportunity is all we should be hunting for

Though I have a bearish bias towards CAD/JPY, we should also know that a bullish engulfing candlestick at the beginning of the week could spell a reversal for us.

Waiting to see how Monday’s daily candlestick closes is paramount.

What say you?

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