CAD/JPY 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-May, CAD/JPY has unable to surpass the level of 94.07—the resistance of the 242-bar long ascending triangle pattern started in mid-May.
At the moment, the pair's tendency suggests that the triangle's upper trend-line is likely to remain impenetrable. The instrument is trading slightly below the lower boundary and the proximity of the apex-it will be reached in a day-warns us the current weakness may result in a breakout. However, the SWFX data belies this, showing that over 65% of positions are long. Technical indicators also are sending ‘buy' signals for short and long terms.
© Dukascopy Bank SA
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