CAD/JPY 4H Chart: Pair respects junior channel

The CAD/JPY currency pair has been dominated by two channels. The junior descending channel pattern has confined the rate since early December. The Canadian Dollar has lost about 9.17% of its values against the Japanese Yen since the decline began.
The exchange rate is currently trading near the bottom border of the junior descending channel at 78.41.
If this decline continues, it is possible that the Loonie will break the channel pattern within this session.
Furthermore, technical indicators suggest bears are likely going to continue their dominance in the market during this week.