US-Japan Intervention Boosts Yen, Tests CAD/JPY Resistance

The recent joint intervention by the US and Japan has had a significant impact on the CAD/JPY exchange rate. The two countries purchased $36.6 billion worth of yen to counter its multi-decade low against the dollar.

This move created substantial demand for the Japanese currency, which in turn affected the dynamics of the Canadian Dollar vs Yen pair.

Technically, CAD/JPY is situated above key short-term moving averages but remains below the daily MA-200 at ¥114.75.

The Ichimoku Kijun on the daily timeframe at ¥111.84 sets immediate support, while resistance is defined at the ¥113.75 level.