CAD/JPY 1H Chart: Channel Up
Updated
CAD/JPY 1H Chart: Channel Up
- The Canadian Dollar is recovering against the Japanese Yen in a short-term ascending channel that expectedly started to form as soon as the preceding downtrend has changed. By the moment, it already consists of four confirmation points and might be broken in the present week.
- Given that that the 100-hour SMA and the updated weekly PP at 87.24 have formed a combined support barrier, it is unlikely that that currency pair will manage to break to the south. This probability increases even more, taking into account that the channel’s bottom boundary is also secured by the 200-hour SMA.
- The opposite side, in contrast, has an absolutely free area up until the weekly R1 at 88.15 and the monthly PP at 88.18.Thus, the surge is expected to continue at least until that resistance level.
Trade closed: stop reached
The pattern actually represented only a period of declined volatility. The general direction was seen right - the CAD surged against the JPY. However, that ocured in a completely different pattern.
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