USD/JPY fell on Tuesday again, but is at the 77 level - the same level that the Bank of Japan intervened at the other night. Because of this, traders around the world are being very tentative about shorting this pair. The trend is certainly down, and as such - this pair can't bounce it seems. Because of this, we see this as a "dead pair" for a while.
USD/CAD rose to parity as traders around the world panicked during the Asian session on Tuesday. However, the markets calmed down, and the oil markets rebounded. Because of this, the CAD got a bid, falling 200 pips. This pair looks weak again, but the 0.98 level might be a potential area of support that the market will have to overcome before pushing back down to the 0.9450 area.
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