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CAD/JPY Struggles for Bids

The Japanese yen rallied after BoJ officials hinted at a potential exit of QE. On the daily chart, a fall below the double bottom by the June and August lows around 102.00 may cause a bearish reversal. A bearish MA cross shows an acceleration to the south. The latest rebound came to a halt at 103.40, which suggests that the path of least resistance is down. The psychological level of 100.00 could be next. The RSI’s overextension may attract some buying but the bears may see a bounce as an opportunity to sell into strength.

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