CAD/JPY 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting a seven-month high of 99.24, CAD/JPY performed a sharp slump to a two-year low of 90.83, then the pair appreciated slightly but shortly after it again was in the down-trend, thus forming a double bottom pattern.
Currently the pair is moving down after an unsuccessful attempt to penetrate the neck-line at 93.73, which represents the chief hindrance for a rally usually seen after a breakout of the double bottom pattern. Meanwhile, about two thirds of traders are bearish, meaning that the breakout is not likely to occur in the hours to come.
© Dukascopy Bank SA
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