Thu, Apr 02, 2026 16:49 GMT
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    CAD/JPY long opportunity for quick trading and position trading

    USD/JPY is trading as the biggest mover (up) today, and momentum is maintained in the current 4H period.

    This is consistent with the D heatmap where USD is the strongest one, while JPY is the weakest one.

    However, looking at the 4H heatmap and W heatmap, we can see that USD’s strength is not that overwhelming. And indeed, CAD’s strength look more solid. And, CAD/JPY is indeed also top 10 movers across all time frame.

    Hence, CAD/JPY is probably a pair that’s worth more attention. Looking at CAD/JPY action bias table, solid upside momentum is seen in 6H time frame. However, D action bias has just turned from neutral to positive. And W action bias stays negative in the latest 9 bars. While there is a possibility that CAD/JPY is staging a trend reversal, current rebound could also be a correction.

    Looking back at the charts, CAD/JPY should have bottomed in short term at 80.52 after drawing support from 80.55. This give us more confidence on the long trade. For quick intraday traders, a strategy is to long CAD/JPY and target 38.2% retracement of 91.56 to 80.52 at 84.73 for a quick profit. For position traders, we better wait for the reactions from the 84.73 fibonacci level to make sure the pullback is corrective and buy at a dip. 

    ActionForex
    ActionForex
    ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for two decades. We started providing only a daily and a mid-day report, now known as Action Insights. Gradually, we added a lot more in-house contents to the site. Technical Outlook section was expanded to cover more pairs. In addition to that, Top Movers, Heat Map, Pivot Point Charts and Pivot Meters, Action Bias and Volatility Charts, are tools used by traders from all over the world.

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