CAD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Yen seems to be losing ground across the board, and CAD/JPY is not an exception. The positive outlook is also reinforced by the fact that the pair has formed a well-defined channel, which implies a rally towards 101.74 during the next few days. Moreover, the four-hour and daily technical indicators are mostly pointing north. However, there are also plenty of reasons for concern. First, the May 5 high proves to be durable, and there is a bearish bias among the weekly studies. If support at 99.00 fails is violated, additional demand is supposed to be at 98.40, but there may well be a larger sell-off, down to a more reliable zone around 97.40 (weekly S2, monthly PP, and 200-period SMA).
© Dukascopy Bank SA
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