CAD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment CAD/JPY appears to be trading within the boundaries of a bearish channel. However, the slope of the trend-lines forming the pattern is still unreliable and may be subject to change in the future. The base case scenario is a rally from the current trading levels to 95.40/30, where the currency pair will meet the resistance trend-line and accordingly make a U-turn. Subsequent sell-off will presumably extend to a cluster of supports at 94.20/00. Meanwhile, the sentiment among the SWFX market participants is strongly bearish, as 74% of open positions are currently short the Canadian Dollar. Moreover, most of the technicals on the shorter time-frames are pointing south.
© Dukascopy Bank SA
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