Weekly Overview Sunday October 20th. This week we have a rather quiet one in terms of data. But that doesn’t mean we wont look at the markets.
The only important thing this week is Bank of Canad interest rate decision. BOC is set to cut interest rates to 3.75% from their 4.25% at the moment.
This will give us some opportunities in the markets.
Our main focus this week will be the Yen pairs.
CAD/JPY is the first one on our list due to BoC interest rate decision.
Our bias here is short.
CAD/JPY trading at massive resistance levels, with BoC set to cut interest rates which will drive CAD lower, hence our bias on CAD/JPY.
We still need to see some movement on the lower timeframes before executing this one
GBP/JPY
Similar to CAD/JPY, BoE is reducing their interest rates which sets the pound on the back foot compared to the Yen. Another one where we need a technical confirmation
EUR/JPY
You get the idea, we had EUR/JPY last week too, price is consolidating at resistance levels preparing for its move, we need further movement to the downside before deciding to execute on this one.
Stay sharp, stay focused and manage your risk.
Please note that this is only our opinion and you shouldn’t take it as investment advice. Make your analysis and do your research on the markets before execution. Remember that your capital is at risk and it is fully your responsibility to manage your own risk.
Our opinions and biases are for educational purposes only.