CAD/JPY 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The CAD/JPY reached the highest trading level this year at 106.54 on early December. However, the decline ever since then has pushed the pair into a broadening falling wedge pattern.
Now the pair has slid to as low as the 100 mark, which is also represented by the monthly S1 and daily PP at 100.42/19. And it seems that the current decline will go on, as the 4H and daily technical indicators are pointing to the south. Moreover, a majority of the SWFX traders' are bearish on the pair—60.64% of them have opened a short positions on the pair. Nevertheless, a consolidation around the current trading levels seem possible.
© Dukascopy Bank SA
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