CAD/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY entered an ascending triangle pattern in mid-July; however, an upside pressure pertaining to the nature of the pattern may have failed to push the pair higher. In particular, CAD/JPY has exited the formation to the downside and given the proximity of the apex (it will be reached later in the day) the breakout may appear to be real. Nevertheless, traders on the SWFX still believe the currency pair is capable to swing to gains in the hours to come – about two thirds of traders are bullish on the pair.
© Dukascopy Bank SA
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