CAD/JPY 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the rollercoaster experienced between October and February CAD/JPY is acting more reserved now. The currency pair is forming a bullish channel, but right now it is set to decline, since there should be a downward correction from the upper edge of the pattern before another up-leg. Consequently, resistance at the level of 100 yen for the time being should stay intact, while the bears are expected to push the price beneath the 200-day SMA and to 97.58, namely to the monthly pivot point and the lower trend-line. At the same time, the SWFX sentiment is strongly bearish, being that as many as 73% of all open positions are currently short.
© Dukascopy Bank SA
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