CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems the Canadian Dollar overestimated its potential as the currency was incapable to sustain a short-lived rally that followed a dive to a one-year low of 90.79 versus the Japanese Yen. Since mid-February, CAD/JPY has been shaping a bearish tunnel of average quality and high magnitude.
Currently, the currency couple continues to fluctuate just below the 50-hour SMA at 92.20 and may remain directionless in the hours to come. According to the SWFX data, market participants are divided on the pair's perspectives, while technical indicators, despite sending strong ‘sell' signal for the short-term, are neutral for longer term.
© Dukascopy Bank SA
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