CAD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recovery of the Canadian Dollar against the Japanese Yen has been taking place since the second week of April. Since then, an overall increase in the pair's value amounted to more than 500 pips, while the upward momentum is estimated to send the pair above 100 in the foreseeable future. When the weekly R1 at 100.06 is violated, bulls are forecasted to set a new goal at the pattern's resistance, which is accompanied by monthly R1 and weekly R2 just below 101. A positive case for this currency pair is currently shared by 4H and daily technical studies. At the same time, weekly indicators predict a correction in the long run, while 73% of all opened trades are short at the moment.
© Dukascopy Bank SA
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