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CADJPY Bounces Off Support as Yen Weakness Continues
Traders' Opinions
Forex
Summary:
CADJPY is trading around 113.1–114.4 after a rally from recent support levels, driven by ongoing yen weakness against major currencies while the Canadian dollar holds up relatively well amid stable commodity prices
Buy
EXPIREDCADJPY
EXP
113.311
Entry Price
115.300
TP
112.650
SL
114.195 -0.264 -0.23%
--
Point
EXPIRED
112.650
SL
114.112
CLOSING
113.311
Entry Price
115.300
TP
Market overview
CADJPY is currently trading near 114.29, with today’s intra-day range roughly between 112.84 and 114.46. The pair bounced back from the lower end of this range earlier in the session, suggesting that buyers are defending major intraday support.
The broader macro context shows the Japanese yen remaining structurally weak, even after recent intervention warnings from Japanese authorities and short-term strength in other crosses; this sustained yen weakness favors higher CADJPY on a short-term basis. Meanwhile, the Canadian dollar has steadied on mixed domestic data and modest improvements in oil prices, which help maintain CAD demand relative to JPY.
Market sentiment
Sentiment for CADJPY is still skewed toward risk-on FX behavior, largely due to yen depreciation and relative CAD resilience. Yen weakness has been driven by the Bank of Japan’s cautious guidance higher rates but no clear hawkish path which makes carry trades (borrowing cheap yen to invest in higher-yielding currencies like CAD) attractive in the short run.
Despite official warnings about intervention to arrest excessive yen moves, traders remain willing to maintain long positions against JPY unless a clear shift in policy or intervention materializes; this creates an environment where rallies can persist into technical zones where buyers feed off price momentum rather than fresh fundamentals.
Technical analysis
On the M15 timeframe, price structure shows recent demand near the lower range support (around 112.84–113.00), with subsequent candles reclaiming and stabilizing above the mid-band (20-period SMA) of Bollinger Bands a bullish sign indicating that the short-term average is serving as support rather than resistance. Continued higher closes above the mid-band suggest that the path of least resistance remains upward.
The Ichimoku (9,26,52) indicator on M15 is tilted positively as price action hovers around or above the cloud after pullbacks, with the trend generally favouring upside when the Tenkan Sen (conversion line) remains above the Kijun Sen (base line) and supports higher price levels.Stochastic (5,3,3) readings on M15 reflect resets near neutral after dips, with upward crossovers typically occurring as price rebounds a pattern that reinforces short-term bullish momentum if buyers continue to defend intraday support around 113.0–113.5.
Trade plan
Entry: 113.90
Take Profit: 115.30
Stop Loss: 112.65
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