CAD/JPY 1H Chart: bulls likely to prevail
|TRY/JPY 1H Chart: Short-term decline expected
The Turkish Lira has been depreciating against the Japanese Yen since the beginning of December after the TRY/JPY currency pair failed to surpass the psychological level at 19.20.
Currently, the exchange rate is testing the support level formed by the monthly S2 at 18.48. given that the rate is pressured by the 55-, 100– and 200-hour moving averages, it is likely that bears could continue to prevail in the market. In this case the rate could re-test the support level—the Fibonacci 61.80% retracement at 18.25.
However, this decline might not be immediate if the given support level holds, and the currency pair could reverse north to the monthly S1 located at the 18.85 mark.
CAD/JPY 1H Chart: Bulls likely to prevail
The Canadian Dollar has been appreciating against the Japanese Yen since he beginning of December after the CAD/JPY currency pair reversed north from the upper boundary of the long-term ascending channel at 81.80.
Currently, the exchange rate is testing the resistance level formed by the monthly R1 at 83.35. From a theoretical point of view, it is likely that some upside potential could continue to prevail in the market, and the rate could reach the monthly R2 at 84.14.
However, if the given resistance level holds, it is likely that the expected advance might not be immediate, and the currency pair could re-test the lower channel line. It is unlikely that bears could prevail, and the rate could drop lower than the monthly S1 at 81.52.
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