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CAD/JPY - Bears Showing Control in the Short-term

Let's start by looking at the CAD/JPY in the medium-term. Since the June high at 101.15, price has fallen sharply. We saw it accelerate downwards to a new low on the year at 87.31. 

CAD/JPY Daily Chart 9/2
(click to enlarge)

The daily chart shows that the market is still bearish. There was a pullback to about 92.50. This made the RSI no longer oversold, and the market appears to be ready to push towards the 87.31 low again. 

CAD/JPY 1H Chart 9/2
(click to enlarge)

The 1H chart shows that CAD/JPY completed a price top last week and started this one breaking down to 90.00. However, the market is stalling again. So far, bears in this market are showing control as traders keep price below the cluster of 200-, 100-, and 5-hour simple moving averages (SMAs) and mostly below the 91.00 handle. We should consider the high probability of bearish continuation towards the 2015-ow at 87.31.