The US dollar fell against the yen after the FOMC meeting minutes. The US Federal Reserve would like to be patient and hold the interest rates at lows for a long time. The BOJ also maintained its interest rates and follows the QE program. The pair broke the 50Dsma at the intraday session, but at the end of the day closed above it. Today, at the early Asian session the pair opened on a bearish note. The pair made a double top at 120.50. We can observe some distribution at 119.45. The prices are closed and trading below hourly moving averages. Bulls can challenge above 119.50 towards 120.00 and 120.50. Another upswing looms above 120.50. The pair has intraday support between 118.60 and 118.20. Until the pair holds and closes above 118.20, we recommend bullish views. We consider selling only below 118.20 with the targets at 118.00 and 117.60.
Buying above 119.50.
Selling below 118.20.
The fall in the oil prices affected the Canadian dollar at yesterday's trade. The pair erased its Tuesday's losses.The Federal Reserve would like to be patient and hold the interest rates at lows for a longer time. The US dollar was softened amid the series of economic data. But the commodity currency weakened to a larger degree than the USD. The pair still closed below 20Dsma. The intra week support exists at 1.2350. We recommend fresh selling only below 1.2350 with the targets at 1.2250. The prices are making higher lows and lower highs within a running symmetric triangle. The intraday resistance is set between 1.2480 and 1.2490. We recommend safe buying above 1.2500 with the targets at 1.2540, 1.2570, and 1.2640. If the prices close above 1.2500, bulls challenge again towards 1.2700 and 1.2800.
Buying above 1.2490.
Selling below 1.2350.
Uitgevoerd door, Analytische expert
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