CAD/JPY 1H Chart: Channel Up

Following an encounter with 93.32 CAD/JPY has been in a strong up-trend, piercing through various resistances, including the 200-hour SMA that now acts as the support. As a result, the currency pair has formed an upward-sloping channel.

Lately, however, the accelerated pace of loony's appreciation relative to the Japanese Yen has notably slowed down, which has led to a test of the lower rising trend-line at 95.11. And while the past price action implies that the market is likely to respect this support, the daily studies reveal the presence of a downside risk. An idea of a dip is also shared by 72% of the traders.