While Yen is being sold sharp sharply, commodity Yen crosses are generally struggling in range. Nevertheless, they’s maintaining near term bullish bias. CAD/JPY’s prior break of 90.34 resistance suggests that correction from 93.00 has completed at 87.42 has defended medium term trend line support. Further rise is expected as long as 89.41 support holds. CAD/JPY should target a test on 93.00 high next, with prospect of resuming whole up trend from 73.80 (2020 low).
Similarly, AUD/JPY’s correction from 86.24 should have completed at 78.77, ahead of 77.88 support. Further rally is expected as long as 82.42 resistance turned support holds. Break of 83.84 will resume the rebound from 78.77 to retest 86.24, also with prospect of resuming the up trend from 59.85 (2020 low).
