Japanese Yen – USD/JPY fell significantly lower after Bank of Japan’s governor Kuroda says that Japanese Yen may not weaken much further on a real effective exchange rate basis. Price also broke the 123.93 support level which could potentially lead price even lower into its next key support area at 122.01–121.79. The long term bullish trend still remain intact thus traders may consider buying into this market when price pullback into the 122.01–121.79 support area.
Swiss Franc Yen – CHF/JPY fell lower due to the strengthen Yen we see earlier today. The trend is still bullish and we have a support level below at 131.30 which may offer traders buying opportunity to trade this bullish trend. Ideally, we would prefer to see rejection at the 131.30 support level or any other confirmation before buying into this market for a safer entry as Japanese Yen may continue to strengthen in the short term.
Loonie Dollar – USD/CAD is currently trading around the 1.2303–1.2204 support area. Traders may consider looking for buying opportunity within this support area to trade the short term bullish trend that we are currently in. Price is likely going to bounce after price rejects this support area. However if price breaks this 1.2303–1.2204 support area, we could potentially see more losses in this market in the coming weeks.
Posted on 2015-06-10 06:30:07