CAD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The CAD/JPY cross has been rising steadily since the 19th of May, when it formed the ascending channel. For most of the period, the pair held above the 200-hour SMA, but after touching the resistance trend-line on Tuesday, a sell-off has begun. Although the 200-hour SMA is providing formidable support, the 100-hour one is not allowing the Loonie to gain more ground against the Yen. The resistance cluster around 99.70 is likely to push the given pair down, as technical indicators suggest in the hourly and 4-hour timeframes. Once the 200-hour SMA is breached, movement to the support trend-line around 99.30 will become the target. The majority of market participants (73%) also hold short positions.
© Dukascopy Bank SA
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