Morgan Stanley publishes its short-term recommendation on CAD/JPY. The bank advised a shortening of CAD to JPY from current levels with SL at 85.15 and 78.00.
Morgan Stanley highlights the worsening US-Canada talks over NAFTA as well as weaker economic data Canada shows. JPY will continue to receive support while the US and China are not shaking hands on import tariffs.
The technical price is in a triangular formation, with the pair registering a strong signal to support the idea of MS - False break up and a sharp return of the price back to the figure. In addition, Sequential counts 2 out of 13 possible underneath. Signal to start a new bearish momentum. DeMarker remains in a neutral zone.
Source: Bloomberg Finance L.P.
Charts: Used with permission of Bloomberg Finance L.P.
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