CAD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar, at the moment, is confirming an ascending channel pattern against the Japanese Yen, as the currency exchange rate struggles against the support provided by the pattern's lower trend line at 81.10. In addition, the pattern's support line is also strengthened by the close by located 200-period SMA at 80.79. Moreover, the trend line and the 200-period SMA are a part of a much larger support cluster, which consists of the weekly and monthly pivot points and other simple moving averages. Daily aggregate technical indicators support a surge for today and in the next four hours. However, market sentiment is already slightly bullish, as 55% of open SWFX positions are long.
© Dukascopy Bank SA
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