CAD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the Loonie has been edging higher against the Yen since April 15, this currency pair managed to form a rising wedge pattern on the one-hour chart. Just recently, the pair's bulls received a considerable impetus from both 55 and 100-hour SMAs, currently located just above 99. This allowed the pair to surge up to the weekly R1 at 99.76. In case the resistance is violated, then CAD/JPY will be in a good position to reach the upper trend-line of the pattern in the near-term. From the point of view of technical indicators, the bullish scenario is assumed only by the daily studies. Meanwhile, 64% of SWFX traders are sceptical concerning this idea, and are holding short positions at the moment.
© Dukascopy Bank SA
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