CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY set out various bearish signals on the hourly chart, starting from a double top and ending with a channel down, which might now come into play on the hourly scale as well. The pair has established a junior channel down pattern as part of its attempt to reach the bottom boundary of the senior one at 84.77. After a successful bounce form the area, the pair has broken the upper trend-line of the junior pattern at 85.30 and appears to be creating a retracement to push it further to the north. The next upside target lies at 85.46 and will open the way to 85.59/63 if tests are successful.
© Dukascopy Bank SA
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