CAD/JPY 4H Chart: Broadening Ascending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is in a rising wedge pattern against the Japanese Yen, as the currency exchange rate has rebounded against the pattern's lower trend line at 78.80 on July 26. The pair was surging afterwards until it reached a resistance cluster above it, which is made up of the weekly S1, monthly pivot point, 100 and 200-period SMAs respectively at 80.14, 80.33, 80.02 and 80.33, and it bounced off the resistance provided by this strong cluster. At the moment, the currency pair has moved lower to 79.60. However, on its way downward to confirm the pattern's support line once again, the CAD/JPY pair is set to first find support in the weekly S2 at 79.34.
© Dukascopy Bank SA
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