al_dcdemo's Blog
USD/JPY opens higher then backs off
Weekend missile strike on Syria hasn't led to much volatility in risk assets. USD/JPY actually gapped higher but then turned lower in the following hours. 106.75 - 107 is the initial support for this pair and 107.75 - 108 the resistance. U.S. retail sales is the event to keep an eye on today's calendar.
USD/JPY poised to extend gains, barring any shocks
It appears that the tide has turned in USD/JPY. While the pair is likely to fall further over the longer-term, shorter-term path of least resistance is to the upside. However, there are several themes going on (trade wars, Syria, increased stock market volatility), that have potential to escalate quickly, and lead to a substantial leg to the downside.
USD/CAD broke below 200 DMA
U.S. inflation report came in solid yesterday, FOMC Minutes were hawkish. Headlines regarding military intervention in Syria, however, have kept risk assets contained, as have renewed trade concerns. Canadian dollar is one exception, had a great week so far. USD/CAD fell about 270 pips (high to low) but momentum appears to be easing into 1.25 support. Broken 200 DMA should now act as an initial resistance.