Eyes on CAD/JPY: a test towards 87.45 on the cards? - Scotiabank

Analysts at Scotiabank explained that CAD/JPY retains a soft bias and is losing notable support on the intraday charts (below 6- hour cloud chart support, below 1-hour cloud chart support, with a bearish “confirming” crossover of the Tenkan moving average).

Key Quotes:

"The accumulation of technical negatives following last week’s reversal on the daily candle chart (bearish “evening star” formation) and the loss of short-term support in the low 88s all point to additional losses in the days ahead towards 87.45 at least.

A sustained correction of the Jun/Jul rally would mean a drop back to the 85 area may be on the cards. Bearish, fade CAD rallies."