CAD/JPY 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The longest part of the slump started at a nine-month high of 99.24 took place when CAD/JPY embarked on a formation of the triangle pattern in early January.
Now the pair is vacillating between its short and long-term SMAs but the picture may change soon as the Canadian Dollar may retreat against the Japanese Yen before long given bearish market sentiment. Hence the pair may fail to consolidate above the 50-hour SMA at 95.13 that in turn may push CAD/JPY to the next support zone around 95.07/4.92.
© Dukascopy Bank SA
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