USD/JPY
US existing home sales data cooled off. Existing-home sales declined in January to their lowest rate in nine months, but the pace was higher than a year ago for the fourth straight month, according to the National Association of Realtors. Today it's a big day for the USD. Either it can explode or take a back seat. The US dollar fell against the Yen after the disappointing data. Today ahead of Yellen;s speech, the US dollar trading higher against the Yen at the early Asian session. The prices have been consolidating in a range between 115.50 and 120.80 for 10 weeks. The pair has weekly resistance at 120.80. The pair has intraday support between 118.80 and 118.50. Until the pair holds and closes above 118.20, we recommend bullish views. We advise you to sell only below 118.20 with the targets at 118.00 and 117.60. The intraday resistance is at 119.05. We recommend buying above 119.10 with the targets at 119.50, 120.00, and 120.50. Another upswing looms above 120.50. Until the cross closes above 181.20, the long trade remains in play.
USD/CAD
US existing home sales data cooled off. Existing home sales declined in January to their lowest rate in nine months. Moreover, a slump in oil prices is weighing on the CAD. Today, ahead of Yellen's speech and BOC governor Poloz' speech, trading is muted at the early Asian session. The prices are making higher lows and lower highs within a running symmetric triangle. The weekly resistance is seen at 1.2700. Bulls can challenge 1.2970, in case the prices are closed above 1.2700. The weekly support is set at 1.2350. If the prices break below 1.2350, bears can challenge 1.2250. Overall, the pair favours buying on dips. The intraday resistance is found at 1.2600 and 1.2625. We recommend fresh buying above 1.2600 with the targets at 1.2630, 1.2660, and 1.2700. The intraday support is seen at 1.2540 and 1.2480.
