Current Snapshot of Currency Strength.
Haven't looked at any charts yet but based on this, I would imagine CADJPY is in a short term uptrend.
Since JPY is the weakest currency - and retail is shorting (trying to long JPY) - confluence of elements that actually matter line up. USD is somewhat neutral here - but still stronger than JPY and that is what we want.
One currency to be stronger than another - that is a directional hint for a trade. Afterall - we are pairs traders when we buy or sell any currency in spot FX.
I'd probably be more interested in looking at CADJPY sentiment and Buying CADJPY if I started looking at strength first.
Let's see what the chart looks like.
Haven't looked at any charts yet but based on this, I would imagine CADJPY is in a short term uptrend.
Since JPY is the weakest currency - and retail is shorting (trying to long JPY) - confluence of elements that actually matter line up. USD is somewhat neutral here - but still stronger than JPY and that is what we want.
One currency to be stronger than another - that is a directional hint for a trade. Afterall - we are pairs traders when we buy or sell any currency in spot FX.
I'd probably be more interested in looking at CADJPY sentiment and Buying CADJPY if I started looking at strength first.
Let's see what the chart looks like.