Chart of the Day CADJPY

<h2><span>Chart of the Day CADJPY</span></h2>
<p><strong>CADJPY – Probable Price Path</strong></p>
<p><span>Global market sentiment stabilised overnight. Oil recovered some grounds, after the relentless selling that was seen earlier this week. WTI traded to $14.4 level, over 24% up in relative terms. This came despite a bearish EIA report which showed US crude inventories rose by a hefty 15mn barrels, signalling the scale of the storage needs. Instead, the oil price appears to have been boosted by Trump’s bellicose statement towards Iran. The US president reportedly told the US Navy to destroy any Iranian gunboats that harass US ships, ratcheting up geopolitical risk in a sensitive oil-producing region. </span></p>
<p><span>US equities sentiment rode alongside the uptick in oil price. S&amp;P 500 was up by 2.3%, Nasdaq by 2.8%. Earning reports were mixed, however. Gaming operator’s Las Vegas Sands saw its Q1 revenue dropping by 51% yoy, but still better than expected. A number of companies, as diverse as Alcoa, AT&amp;T and Kimberly-Clark, have suspended their outlook for the year, signalling just how hard it is to come up with forecasts of any kind in a rapidly evolving economic situation. For the day ahead, Asian markets may enjoy the relative uplift, although remaining watchful of company earnings in the absence of major macro indicators. </span></p>
<p><img class="aligncenter size-full wp-image-42288" src="http://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08.png" alt="" width="2136" height="1221" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08.png 2136w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08-300×171.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08-1024×585.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08-768×439.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08-1536×878.png 1536w, https://blog.tickmill.com/wp-content/uploads/2020/04/Screenshot-2020-04-23-09.41.08-2048×1171.png 2048w" sizes="(max-width: 2136px) 100vw, 2136px" /></p>
<p><span>From a technical and trading perspective, <a href="http://blog.tickmill.com/tech-analysis/chart-day-wti-crude-oil/">in line with the view that 12.50 would set a base in Crude Oil</a> we now look for the CADJPY to find support. A move through 76.40 should reward long exposure in the cross to challenge 77.00 a close above here will open a test of offers and stops above 78.40 a close above here will set bullish sights on the primary equality objective at 79.67 which will be a key decision point for this market. A close through 75.40 would negate the bullish thesis opening a move to retest cycle lows towards 74.00 </span></p>
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