CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is in a downwards tended pattern against the Japanese Yen, as the currency exchange rate is approaching the pattern's upper trend line, which is located at 78.00. However, the pair has been struggling to break through the resistance put up by the 100-hour SMA at 77.61, as the rate reached it at 4:00 GMT on August 4 and has been moving in correlation with the moving average since then in a movement down. The situation might change soon, as the 55-hour SMA is closing in from the downside at 77.48 and will provide support to the rate. Although, daily aggregate technical indicators forecast a fall for the CAD/JPY pair during today's trading session.
© Dukascopy Bank SA
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