CAD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Driven by strong bullish momentum, the Loonie/Yen currency cross gained as many as 200 pips in just one trading day on Wednesday. As a result of that movement, the pair has easily approached the upper trend-line of the pattern, which is placed at 97.22. At the moment it seems that bulls are likely to make an attempt to breach this resistance. Technical indicators on 4H and daily time-frames are giving confident positive signals. However, SWFX market participants, along with weekly studies, are not optimistic on CAD as they are holding 67% in short opened positions. Therefore, the pair may find it difficult to overcome the pattern's resistance and weekly R2 at 97.40 in the long-term.
© Dukascopy Bank SA
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