CAD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After posting attacks at the strong 88.68 area, which has proved its significance twice over the last year, CAD/JPY failed at the area once again and changed slopes of the downward trend-line to now sketch a descending channel pattern. The pair has lost quite some momentum and taken up a motion of much lesser steepness than before with a single false break above the upper trend-line at the very beginning of the track. The rate is currently on its way towards the upper boundary of the pattern at 86.82 and will fail there to remain inside the bounds of the pattern.
© Dukascopy Bank SA
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