Both USD/JPY and USD/CAD broke out to the downside in European session, as Dollar selloff intensifies. Break of 102.87 support in USD/JPY confirms resumption of whole down trend from 111.71. Outlook will now stay bearish as long as 103.89 resistance holds. Such down trend should now extend to retest 101.18 low.
USD/CAD’s break of 1.2688 also confirm resumption of the down trend from 1.4667. Outlook will stay bearish as long as 1.2957 resistance holds. Next near term downside target is 100% projection of 1.3172 to 1.2688 from 1.2957 at 1.2473.
