CAD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Though CAD/JPY is currently trading in an up-trend, long positions still appear to be quite risky, considering that the market is bearish. Although the pair has broken the 23.6% Fibonacci retracement of the Dec 7—Jan 30 down-move, the outlook will be negative as long as 99.00 (50% Fibo and 2014 Dec low) acts as resistance. Another source of concern is the technical studies that are bullish on the four-hour chart, but do not favour a rally in the long run. Nonetheless, taking into account dense support at 95.20, CAD/JPY may well rise up to 97.40 (38.2% Fibo and up-trend) before leaving the boundaries of the channel to the downside. As for the sentiment, 65% of open positions are short.
© Dukascopy Bank SA
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