Target Thursdays: USDJPY, Copper & EURCAD

• USDJPY sees over 700-pip swing

• Copper selloff rewards bears

• EURCAD hits all bearish targets

It has been an intense trading week for financial markets.

More action could be expected due to corporate earnings and the US jobs report on Friday.

In the meantime, check out how these trading setups performed this week:

  1) USDJPY joins monster movers!

• Where and when was Target Price (TP) published?

In our trade of the week article published on Monday 29th April:

The USDJPY demanded our attention after tumbling over 500 pips from its multi-decade top.

We highlighted that “sustained weakness below 155.00 may open a path back towards 154.20 and 153.60.”

• What happened since TP was published?

The Yen’s aggressive appreciation on Monday morning fueled speculation around possible intervention by Japanese authorities.

A second suspected bout of intervention took place on Wednesday right after the US markets closed, sending the USDJPY as low as 153.00.

When considering how the USDJPY hit an intra-week peak at 160.22, this means the major currency pair has experienced an over 700-pip swing! 

• How much in potential profits?

Those who took advantage of the move below 155.00 would have been rewarded 140 pips.

  2) Copper slips below $4.5

• Where and when was Target Price (TP) published?

After hitting a fresh two-year high this week, FXTM’s new commodity Copper is under pressure.

Although the fundamentals favour further upside, in our article on Tuesday – we cautioned that “a technical throwback could be in play on the H1 charts with prices testing potential support levels”

• What happened since TP was published?

Since punching above the $4.65 level, prices have tumbled over 3% lower amid potential profit taking.

• How much in potential profits?

Traders who entered at $4.54 and exited at the $4.50 level would have caught a near 1% move to the downside.

  3) EURCAD hits all bearish targets

• Where and when was Target Price (TP) published?

This technical scenario (EURCAD) is based on the FXTM Signals that are posted twice a day (before the London and New York sessions) for all FXTM clients to follow.

It can be found in the MyFXTM profile under Trading Services… FXTM Trading Signals.

• What happened since TP was published?

The EURCAD slipped this morning as Canadian Dollar drew support from the rebound in oil prices.

• How much in potential profits?

EURCAD has hit all its profit targets.

Traders who entered at 1.46969 and exited at the final target level of 1.46795 would have gained 17 pips.

Feel like you missed out on these profits?

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