Today Bank of Japan held rates steady. In monetary policy review, the BoJ said it will keep QE program unchanged. The investors counted on more and CADJPY has sharply declined. Technically it is a strong sell signal. Because, the price moved inside the flag pattern since January and today the price has crashed through bottom of that flag. Nearest support is located at 78.80 level but it is likely that this support won’t stop declines. Until the price won’t test 78.80 every upward movement should be seen as opportunity to take short position.
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Time-frame H4
Time-frame D1
