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FOREX TECHNICAL & NEWS ANALYSIS: BANK OF JAPAN STATEMENT OF MONETARY POLICY EMPOWERED JPY

The statement of monetary policy by Bank of Japan empowered the JPY. USD/JPY and CAD/JPY have lost the bullish strength after the statement released. But the question is how long will the JPY remain stronger against USD and CAD. I think technically USD/JPY and CAD/JPY are on short condition. So the statement will play the key roles on the both pairs until the economic indicators of JPY released at 23:50 (GMT) today. 
Source of Images: metatrader4.com































If the JPY economic indicators are better than expected then both pairs may go little bit lower. Ultimately, the both pairs are waiting for the upcoming economic data tomorrow and during the full week.I think these two are not suitable pairs to trade today.
Published @ 2:39 PM Tuesday, March 11, 2014 (GMT)

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