CAD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar has been depreciating against the Japanese Yen in a channel down pattern on the hourly chart since May 24. At the moment, the currency exchange rate is at 83.05 and will likely continue to move downwards. The depreciation is confirmed by not only the channel down pattern, but also the fact that the pair just got out of an ascending triangle pattern with affirmation of the pattern, and the rate also is just out of a double top pattern which confirmed the downward trend. In addition, the May 6 and April 7 lows at respectively 82.44 and 81.99 are below the current market price. The only support, which stands in the pair's way down, is the monthly S1 at 82.41. On the other hand, above the exchange rate there is a huge cluster of six resistances at 83.30/86.
© Dukascopy Bank SA
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