The CAD/JPY pair attempts to rebound as the Japanese Yen futures drop in the short term. However, the bounce-back could be only a temporary one as the bias is bearish.

Technically, the pair may test the immediate resistance levels before resuming its downside movement. The pair is trading at 99.85 at the time of writing. After its massive drop, minor growth was natural. However, the rebound could bring new short opportunities.
The Bank of Japan is expected to keep its monetary policy unchanged tomorrow. The BOJ Policy Rate publication, Monetary policy Statement BOJ Outlook Report and the BOJ Press Conference could bring high volatility and sharp movements. 

CADJPY D1 04 27 2022 1654

From the technical point of view, as long as it stays under the downtrend line, the CAD/JPY pair could resume its downside movement despite temporary rebounds. A new lower low, making a valid breakdown below the pitchfork’s lower median line, could announce more declines.

 

 

 

 

 

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