BUY CADJPY from support in Today’s EU Session

Buy 61.63 - 61.67
Take Profit 82.42
Stop Loss below 81.32

The market's risk tone has begun the week on a positive note with reports that China is to increase penalties related to IP theft, along with lowering the threshold for violators according to fresh government guidelines.

The more positive tone has resulted in Asia-Pacific indices residing in positive territory across the board along with NZD, AUD and CAD leading the G10 pack respectively. Likewise, JPY is the session's laggard, followed by CHF.

Although progress appears to have been made on one of the key sticking points for US/China trade negotiations, reports continue to contradict one another on the timing of a phase one deal. Additionally, the US is still set to implement its next round of tariffs on December 15th.

Nevertheless, while progress is being made between the two nations, and the market's risk tone remains positive, expect NZD, AUD and CAD to remain supported and JPY and CHF to remain pressured.