CAD/JPY 30M Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY showed signs of an ascending channel, just before breaking the upside support and entering a rising wedge. The pair is currently testing the bottom trend-line at 81.500, and a close below would confirm a breakout marking the beginning of a downtrend. The pair has already exited the Andrew's Pitchfork and entered an Ichimoku cloud, which suggests that CAD/JPY will consolidate at best. A slip will be battled by 81.40. the 100-period SMA, followed by 81.32 and 81.26 which marks the bottom edge of the support-filled area. A push through this area will leave the rate for a smooth slide to 80.96. Immediate resistance lies at 81.64 and 81.76 and could come into play if the rate goes through another wave before a breakout.
© Dukascopy Bank SA
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