CAD/JPY 1H Chart: Ascending channel in sight

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Sell Buy Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Sell
 Alligator(13;8;5) Sell Buy Sell
 SAR(0.02;0.2) Sell Buy Buy
 Aggregate

The CAD/JPY currency pair has been trading within the ascending triangle pattern since the beginning of February.  

As apparent on the chart, the exchange rate has already reversed north from the lower pattern line at 82.88. From a theoretical point of view, it is expected that the pair reaches the upper triangle boundary at 83.97. If given pattern does not hold, it is likely that a breakout north occurs within following trading sessions. A possible upside target is the psychological level at 85.00. 

Otherwise, it is likely that the rate continues to trade within given pattern until the end of February.

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