Hi, guys I think the next interesting thing will be coming from Japan next week, more specifically on tuesday : Monetary Policy Statement, BOJ Outlook Report and BOJ Press Conference . We all know the speculations on the BOJ potentially easing up on its Japanese Government Bond purchases which will (in my opinion ) strenght the yen and will be muscle around the block for a while . Thats so called fundamental part lets get to technical part . I got eyes on Cad/Jpy pair and lets get start from weekly --> daily --> 4 hours charts.
Weekly :
We see that Cad/Jpy bulls will run out of power and it is next to the big support line , which I think will be crossed down.First resistance on the way down is 87.500.
Let's see what Daily chart says:
The RSI is sinking under 50. Medium type of red candle which is indicated that the friday bulls has soften a bit.
On 4 hours time frame I added 20 Moving Average(yellow) and 50 Moving Average (red) and noticed that the yellow crossed down red which is an indicator that also proves our theory about the price moving down in the big ascending range.
I think all other currencies will loose strenght versus Yen.
All of this is my personal opinion and you can feel free to give me your feedback.
