CAD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the time being we are bullish on CAD/JPY. The currency pair is in a good position to rebound from 85 yen and pierce through the immediate resistances, represented by the weekly R1 and April 13 high, as the rate is currently fluctuating right next to the lower boundary of the ascending channel. Nevertheless, we do not see the price rising beyond the level of 86.50, where resistance is implied by the 10-month falling trend-line, though the next objective would be the 87.50—the highest point since the very end of March. Alternatively, in case the Loonie slips under 85 today, the target will be the 200-hour SMA at 84.10, which is currently reinforced by the daily S3 level.
© Dukascopy Bank SA
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