Greenback Dominates Again – USD/JPY, USD/CAD

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GBP/USD and GBP/JPY Ahead of the BoE Inflation Report

The poor NFP print of 142K last Friday put a brief stop to the USD’s recently dominating gains across the board. The short-lived “consolidation” did not create any meaningful correction and the USD/JPY, USD/CAD are both in bullish continuation mode. Let’s take a look at their charts.

Last Friday, the USD/JPY paused at 105.70, and retreated about 95 pips after the NFP-reaction. However, it did stay above a previous support pivot at 104.75. A break above 105.70 revives the bullish mode with upside toward the 200-month simple moving average and a support/resistance pivot area around 106.50-106.65. The USD/CAD is trading under August’s consolidation, which is a possible price top. However, price action is threatening this “price top” as USD/CAD fended off a bearish attempt.It looks poised to rally toward the 1.10 handle, with upside toward the 1.1050 highs from April.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.