On Tuesday there was a meeting of the Japanese central bank. BOJ didn’t change anything – left interest rates and QE at current levels. Japanese Yen in reaction, strengthened to all of the currencies.
Declines at CADJPY wasn’t a surprise. Since two weeks price moved below 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. There coincides lower limit of the channel and support. On the way to indicated level there is a support at 84.30. Only successful breakout of one of the levels 86.20 or 83.10 will allow for faster movement according with the breakout’s direction.