CAD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY has formed a 85-bar long channel down pattern, which is likely to be in place for the foreseeable future. During Thursday and Friday bulls made several attempts to penetrate the upper trend line, however, they were not strong enough and the pair is still moving in pattern's boundaries. Moreover, technical indicators on a daily chart are sending "sell" signals, while 4H aggregate technicals are neutral. If we assume the outlook is bearish, then the next key level for short traders is located at 94.544, represented by a recent low and a daily S3. Nonetheless, more than 100 pips left before this level is reached, so the pair has a great potential for further depreciation.
© Dukascopy Bank SA
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