CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY has been declining since the very end of December when the pair hit a seven-month high of 99.12. Since then, we have observed several bearish patterns formed by the pair and one of them is developing at the moment-a 131-bar long channel down. Recently, CAD/JPY has plunged to a one-year low of 90.79 but the pair refrained from a further decline that might have led to a breakout and changed its direction to the north. Now the instrument is trading slightly below its 50-hour SMA at 91.50 but is not likely to surpass this mark taking into account the SWFX data showing that 56% of market players bet on depreciation of the pair.
© Dukascopy Bank SA
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