CAD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the rising wedge pattern is emerging in the one-hour chart, it proclaims that the Canadian Dollar is at high risk of a failure in the foreseeable future. Even though the distance between two boundaries is gradually narrowing down, the apex is placed quite far away at the moment. Therefore, the southern boundary's confirmation may happen relatively soon. It is, however, guarded by two major moving average lines at 84.04/83.79. The bulls may get sufficient momentum in order to build another up-leg, as projected by 1H and 4H technical indicators and 55% of SWFX traders. A drop below 83.79, however, is going to put at danger the weekly PP, 200-hour SMA and yesterday low at 83.04/82.75.
© Dukascopy Bank SA
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