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CAD/JPY – Which Force Will Win?
The two biggest stories going into the final trading day of the week is CAD and JPY. Both have seen brutal moves with JPY in particular seeing some of the biggest volatility in years. Tonight the BOJ comes back from holiday and everyone want to know if they will intervene. If the market doesn’t see any action it may try to push USD/JPY towards the 110 level.
Meanwhile just as the afternoon was coming to a close in NY, news leaked out that OPEC may be entertaining an oil cut. The move may be too little too late, but crude so grossly oversold, the chance of pop is strong especially if the Saudi’s confirm the move.
This leaves CAD/JPY prone to some very strong swings, If the BOJ intervenes and OPEC cuts are confirmed, the pair could have one of the biggest rallies tomorrow with 83.00 and possible 85.00 level in view. Meanwhile 80.00 remain the near term support.