FXWW News/JPY crosses

CAD/JPY: Looking to add to shorts on rallies

This pair hasn’t yet had a major reaction to events in the oil market but if/when it turns, there will be a big run for the exits. Even a relatively modest 38.2% retracement of the vertical move from 93 to 105 would take prices back towards 100. CAD/JPY has traditionally been the proxy spot FX market trade for exposure to the oil market and with crude prices tumbling, adding to shorts on rallies back towards my 104.50 entry level makes good sense (at the moment at least).

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