CAD/JPY 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY appears to be forming a symmetrical triangle in the four-hour chart. This speaks in favour of a bearish scenario, and the green trend-line is therefore likely to be eventually breached. In this case the Sep 8 low and weekly S2 are to become the next targets, followed by the monthly S1 at 87.81 and August low at 87.47. Alternatively, should the upper trend-line of the pattern give in to the buying pressure, there will still be a good chance for the bears to turn things around and regain control of the pair around 92 yen, where the monthly PP merges with Sep 9 high, long-term moving average and also weekly R1. SWFX traders prefer to be short the Loonie—71% of them are currently bears.
© Dukascopy Bank SA
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