CAD/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar has been tilted to upside versus the Japanese Yen since mid-October; however, the most significant jump was performed only in mid-December when the pair started to form a rising wedge pattern that took it to almost a seven-month high. At the moment of writing, the currency couple was faltering not far away from this high and was expected to rally again as 81.82% of market participates were bullish on CAD/JPY. Meanwhile, technical indicators solidify traders' view, sending bullish signals for short and medium terms.
© Dukascopy Bank SA
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