Grassroots Currency Speculation

The Japanese Yen is a currency pair I plan to follow in the next 24 hours as I look to see whether it makes some moves that can lead to a high probability outlook for its path. The news that will be coming out about 30 minutes after NY close is Unemployment rate, BOJ Outlook report, BOJ Policy rate, and Monetary Policy Statement. BOJ Core CPI comes out 4 hours after Unemployment Rate. Right now the CadJpy looks interesting but it is still early. Now this might not be the ideal pair to trade  based on my strategy but since the news is coming out we will see if things come together enough to give the price a push. So as it looks right now we would be looking for the CadJpy to weaken if relatively good data comes out for Japan. We will be also looking at ChfJpy. On the flip side if weak data comes out we could take a look at AudJpy and NzdJpy. It all depends on how Jpy is doing at the time of news.

The Safe haven status of Japan has been rearing its head fairly often as it struggles to retain its place in the old guard of the forex establishment. The CadJpy was under that influence lately as Canada learns a little about how things work when there is a global crisis going on. this effect might not last for that long so it maybe a short ride if you go with this pair.

The Canadian Dollar is weakening against the Japanese Yen in Mid day trading. the Currency pair has been going down steadily but not in a straight line. More of in an up and down motion that leans toward going down more on bars. The CadJpy is a good indicator of sentiment about the Coronavirus economy. Japan is retaining its safe haven status with this pair quite nicely.

CadChf and CadJpy are holding their historical place as safe havens over the last day. The Canadian Dollar is real weak right now during these volatile times when Central Banks do not know exactly what the future holds because of the Coronavirus.

The CadJpy began the Tokyo Session very strong as fears over the Coronavirus have remained in the forex market. The difference this time around is that unlike the last few weeks, the Canadian Dollar has risen almost 100 pips in less than six hours. What is behind this move ? The Japanese Yen is known as a safe haven but it did not stay strong this time. So this is a developing story and I will keep track of how this currency performs in the near future.