CAD/JPY 4H Chart: Rising Wedge

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Source: Dukasopy Bank SA
© Dukascopy Bank SA
CAD/JPY has formed a 82-bar long rising wedge, which indicates confident uptrend. Despite the fact the pair is fluctuating only in a 90 pips range, a move above pattern's resistance can be expected. This idea is supported by a vast majority of technical indicators on 4H and daily charts. Nevertheless, before a strong move to the north, a retest of the pattern's support can be expected, as 65% of traders are holding short positions. Bears may be strong enough and push the pair below the support line, the drop will be limited, as next strong support is placed at 95.968, represented by a weekly pivot. The short-term outlook is bearish, while later, a continuation of the uptrend is likely.
© Dukascopy Bank SA
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