CAD/JPY breaks trend line
Along with other yen crosses, the CAD/JPY has been printing bearish price action this week amid rising expectations that the BoJ will tighten its belt next week.
The narrowing of yield differential between Japan and those of the rest of the world have helped to put some downward pressure on the al JPY pairs.
Having broken the 108.55-108.90 support area (shaded in red), this area may now turn into resistance upon re-test from below.
The next level of support is seen around 107.50/60 area, followed by the longer-term bullish trend line. Should this trend line also break down then we could see an accelerated move lower in the coming days.
By Fawad Razaqzada, market analyst with FOREX.com
The narrowing of yield differential between Japan and those of the rest of the world have helped to put some downward pressure on the al JPY pairs.
Having broken the 108.55-108.90 support area (shaded in red), this area may now turn into resistance upon re-test from below.
The next level of support is seen around 107.50/60 area, followed by the longer-term bullish trend line. Should this trend line also break down then we could see an accelerated move lower in the coming days.
By Fawad Razaqzada, market analyst with FOREX.com
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