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    Technical analysis and trading recommendations on USD against JPY & CAD for February 23, 2015

    USD/JPY

    The BOJ monetary policy meeting minutes have just been released. The members agreed the Japanese economy is steadily recovering on exports. Exports had shown signs of picking up. Real exports turned slightly positive in the July-September quarter of 2014 on a quarterly basis. Exports were expected to increase moderately, mainly in the background of the recovery in overseas economies. After the minutes release, the yen is trading lower against the USD and GBP. Technically in the previous week, the pair managed to close above the symmetric triangle on the weekly chart. The pair has weekly resistance at 120.80. Today, traders are awaiting US existing home sales data. We recommend buying above 119.50 with the targets at 120.00 and 120.50. More upswing looms above 120.50. The pair has intraday support between 118.80 and 118.50. Until the pair holds and closes above 118.20, we recommend bullish views. We advise you to sell only below 118.20 with the targets at 118.00 and 117.60.

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    USD/CAD

    The pair stalled its two-week losing streak last week and closed at a week high. The pair finally managed to close above 20Dsma. Today, at the early Asian session the pair took the support at 20Dsma and is moving higher. The prices are making higher lows and lower highs within a running symmetric triangle. The weekly resistance exists at 1.2700. Bulls can challenge 1.2970, in case the prices are closed above 1.2700. The weekly support exists at 1.2350. If the prices break below 1.2350, bears can challenge 1.2250. Overall, the pair favours buying on dips. Major events fall on Tuesday. BOC governor Poloz speech and Federal Reserve chair Yellen's speech are due. On Thursday, Core CPI, CPI of both countries, and Unemployment report are due in the US. US prelim GDP data is expected at the end of the week. The intraday resistance is found at 1.2575. We recommend fresh buying above 1.2575 with the targets at 1.2630, 1.2660, and 1.2700. The intraday support is seen at 1.2450 and 1.2420.

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