CAD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than a week started on May 21, CAD/JPY has been forming a channel up pattern that now is over 180-bar long.
Currently the pair is appreciating, being underpinned by a recent jump from the 50-hour SMA at 93.70. However, to remain in the up-trend, the currency couple has to overcome a cluster of resistances at 93.77/4.08 (four-hour PP, R1, R2, R3; daily R1), a rise above which will open the way towards the daily R2 at 94.31 and the pattern's upper boundary.
© Dukascopy Bank SA
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