CAD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a fairly quiet period that was seen during the second half of April, CAD/JPY finally started to move. At the moment the market is bullish and is likely to remain such, considering that there is an upward-sloping channel emerging on the chart. The pattern implies that the exchange rate will not fall below 93.10, but at the same time it should be capped by 94.03, at least in the near term. Meanwhile, neither the technical indicators, nor the SWFX market sentiment confirm the positive bias towards the pair. In the first case there are nearly equal amounts of ‘buy' and ‘sell' signals. In the second case the distribution between the long and short positions is 43.5% to 56.5% respectively.
© Dukascopy Bank SA
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