CAD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY confirmed a double top at 88.62 from the four hour chart with a descending channel pattern it entered over the last week. Currently on its way to the bottom trend-line at 86.35, the pair is likely to remain in the red zone for now and bounce from the area to comply with the up-wave implied by the pattern. Immediate support lies at 86.66 and the rate is now showing some trouble in diving beneath; however, we will look for the area to break to the downside, which would then open the way for 86.48/45 – the last level before the boundary.
© Dukascopy Bank SA
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