CAD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar is in a descending channel pattern against the Japanese Yen, as the currency exchange rate is trading near the channel's resistance line. The most recent rates encounter with the channel's upper trend line is the fourth confirmation of the pattern's trend lines. On a larger scale the currency pair is trading in a descending triangle pattern, and the channel is a result of the rates move lower from the triangle's resistance line to its support. The rate is most likely to move lower, as the channel's upper trend line at 77.41 is strengthened by the monthly S1 and 55-period SMA. Moreover, the currency pair is overbought, as 73% of open positions are long. Although, pending commands are 64% to buy the Loonie.
© Dukascopy Bank SA
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