CAD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair's prospects are ambiguous. On the one side, CAD/JPY is currently trading in a bearish channel with a slight majority of technical studies implying weaker Canadian Dollar. On the other hand, there is a four-month support trend-line that may not let the price drop under 83 yen. If it does, however, we should soon see a test of the weekly S2 near 82 yen and potentially of the April low standing at 81.70. Alternatively, in case the down-trend at 83.75 fails to contain demand, the price will be in a good position to launch an attack on 84.30, namely the May 4 high. As for the SWFX sentiment, the distribution of positions is a trifle titled to the bearish side—42% are long and 58% are short.
© Dukascopy Bank SA
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