CAD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The emerging bullish channel is a part of a consolidation phase following a massive June-August sell-off. However, so far we see no signs of a break-out to the downside, meaning we may safely assume that CAD/JPY will respect the rising trend-line, currently at the level of 90 yen, and extend recovery from 88.90. Intermediary supports are at 91.70 (monthly PP and 200-period SMA) and at 90.60 (Oct 28 low). In the meantime, the upside is limited by the October high and the upper trend-line at 93.26 and 93.70, respectively. A close above these resistances will imply that the price will eventually reach 96 yen, namely the August high.
© Dukascopy Bank SA
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