On Tuesday there was a meeting of the Japanese central bank. BOJ didn't change anything, it left interest rates and QE at current levels. Japanese yen in reaction, strengthened against all currencies.
Declines at CAD/JPY weren't a surprise. For the last 2 weeks, the price has moved below the upper limit of the bullish regression channel. Yesterday we saw a rebound from resistance at 86.20. Target for declines should be 83.10 level. This coincides with the lower limit of the channel and support. On the way to indicated level there is a support at 84.30.
The successful breakout of one of the levels 86.20 or 83.10 will allow for faster movement according with the breakout's direction.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.