USD/CAD posted considerable losses in the Asian session

•USD/CAD posted considerable losses in the Asian session and is flat in European trade
• 1.3120 is a weak line
•1.3253 is a strong resistance line
Further levels in both directions:
•Below: 1.3120, 1.3028 and 1.2922
•Above: 1.3253, 1.3371 and 1.3457
•Current range: 1.3120 to 1.3253
USD/CAD ratio is unchanged in the Monday session. Currently, short positions have a strong majority (68%), indicative of trader bias towards USD/CAD continuing to lose ground.
The Canadian dollar has posted gains to start off the week, erasing the losses which marked the Friday session. Early in the North American session, USD/CAD is trading at 1.3160. On the release front, the sole US event is the NAHB Housing Market Index. There are no Canadian releases on the schedule. On Tuesday, the US will release Building Permits, a key event.

USD/JPY Chart

Summary :
Target Level : 101.7775
Target Period : 2 days
Analysis :
Triangle identified at 19-Sep-01:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 101.7775 within the next 2 days.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 102.42Last resistance turning point of Triangle.
Support Levels
( A ) 101.7775Last support turning point of Triangle.

Chart date range : 09-Sep-07:00 GMT-> 19-Sep-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

EUR/USD Chart

Summary :
Target Level : 1.1204
Target Period : 2 days
Analysis :
Channel Up identified at 15-Sep-04:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.1204 within the next 2 days.
Resistance Levels :
( B ) 1.1274Last resistance turning point of Channel Up.
Support Levels
( A ) 1.1204Last support turning point of Channel Up.

Chart date range : 01-Sep-20:00 GMT-> 15-Sep-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

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USD/JPY has bounced back with gains on Tuesday

USD/JPY has bounced back with gains on Tuesday, following losses on the Monday session. Currently, the pair is trading at 102.30. On the release front, Japanese BSI Manufacturing Index improved to 2.9 points, crushing the estimate of -6.5 points. It’s another quiet day in the US, with no major releases on the schedule.
Japanese manufacturing indicators continue to impress this week. On Monday, BSI Manufacturing Index broke a nasty streak of two sharp declines. This reading comes on the heels of Core Machinery Orders, which jumped 4.9%, well above expectations. Preliminary Machine Tool Orders declined 8.4%, but this was markedly better than the previous reading of -19.6%. The Bank of Japan will release a monetary statement next Wednesday, just a day before the Fed releases its statement. The bank cut rates into negative territory earlier in the year, but has had little success in coaxing inflation to higher levels. Will the BoJ adopt further easing measures? If the bank does take action, deeper rate cuts or expanding the asset-purchase scheme (or some combination) are the most likely routes. In addition to its standard rate announcement, the BoJ has said it will also conduct a “comprehensive review” of its policy at the September meeting. What this entails is not clear, as the BoJ has not conducted such a review in the past.

USD/JPY posted slight losses in the Asian session and then recovered. The pair continues to post gains in European trade

102.36 is under strong pressure in resistance and could break during the Tuesday session

101.20 continues to provide strong support

Current range: 101.20 to 102.36

Further levels in both directions:

• Below: 101.20, 100.55, 99.71 and 98.95
•  Above: 102.36, 103.73, 104.99 and 106.3

USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a substantial majority (66%), indicative of trader bias towards USD/JPY continuing to move higher.