CAD/JPY 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After being traded below its 200-bar SMA and above its 50-bar SMA, CAD/JPY lost momentum and dropped under its 50-bar SMA that transformed into a strong resistance preventing upward moves of the currency couple. Now the pair is vacillating above its daily S1 at 92.87 that, if overcome, will trigger a sharp decline to the next support zone at 92.46.
At the same time, market sentiment and technical indicators are sending mixed signals, as 55.56% of traders bet on a fall of the pair, while indicators suggest a possible short-term strength of CAD/JPY.
© Dukascopy Bank SA
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