Risk-on Trading Seen Across the Board – A Look at EUR/JPY, GBP/JPY, and CAD/JPY

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NFP Reactions: EUR/USD, GBP/USD, NZD/USD
NFP Reactions: EUR/USD, GBP/USD, NZD/USD

Today, we are seeing positive risk-appetite. US stock indices are up after a brief dip early in the US session. We are also seeing JPY weakness across the board, which is a sign of risk-on trading. Let’s take a look at the EUR/JPY, and GBP/JPY and CAD/JPY.

The EUR/JPY is staying in a consolidation channel today. The risk-on rally will allow us to see whether traders will challenge last week’s high. If traders instead put in a top below last week’s high, the EUR/JPY is likely to start a bearish continuation. GBP/JPY on the other hand looks ready to continue its bullish trend. The CAD/JPY is also in a bullish continuation scenario after today’s risk-on rally.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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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.