CAD/JPY 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A retreat that followed a jump to a seven-month high of 96.23 pushed CAD/JPY into a 76-bar long descending triangle pattern early July. However, now we can see a demonstration of the pair's unwillingness to succumb to selling pressure— CAD/JPY has recently exited the formation by breaking the upper limit and consolidating above this formidable resistance line. At the moment, the instrument is sitting slightly below the daily pivot point at 94.55 but given strong bullishness on the SWFX – 70% of all positions are long – the Canadian Dollar is likely to appreciate against its Asian counterpart in the hours to come.
© Dukascopy Bank SA
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