CAD/JPY 1H Chart: Rising wedge pattern in sight - Trade Pattern Ideas - Dukascopy Bank

Mon, 01 Jun 2020 10:59:15 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuySell
SAR(0.02;0.2)BuyBuyBuy
Aggregate

The CAD/JPY exchange rate has been trading within a rising wedge pattern since the beginning of May. The rate has already surpassed the 78.00 level.  

From a theoretical perspective, it is likely that the currency pair could breach the given pattern south within the following trading sessions. In this case the pair could gain support at the psychological level at 75.00. 

Meanwhile, note that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs. Thus, some upside potential could prevail in the market. In this case the rate could reach the Fibo 38.20% at 81.17.


Back to feed
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.