CAD/JPY 1H Chart: Rising Wedge

Already for almost 300 hours CAD/JPY has been consistently  fluctuating between two upward-sloping but at the same time converging trend-lines. Respectively, we may claim that CAD/JPY has formed a rising wedge pattern and its further recovery is under a substantial threat. And while the majority of technical studies are presently bullish, whether the price once again successfully respects the support at 98.85 and rebounds from it or closes beneath the up-trend is likely to be pivotal for the currency pair in the medium-term. In the former scenario the Canadian Dollar will be expected to rise up to 99.50, in the latter CAD/JPY will be targeting the 200-hour SMA at 98.50.