CAD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though CAD/JPY has preserved its upward momentum since mid-October, the trading range during this time period has substantially decreased, namely from 300 pips at the initiation of the recovery, down to 180 pips, judging by the fluctuations within the last few days. 
Accordingly, we may assume that the currency pair is forming a rising wedge pattern that usually implies a sharp decline in the price, once the support line, currently at 95.61, is violated. At the moment, however, the loonie is trading in the upper part of the figure and is testing the major resistance at 97.54—it is created by the up-trend line, weekly R1 and daily R2.

© Dukascopy Bank SA
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