CAD/JPY 1W Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The falling wedge CAD/JPY sketched over a two-year period broke in November, putting up a decent rally of five consecutive green candles. We would expect the surge to continue, but a correction is definitely not out of the picture, as the extensive soar could require some supply to remain sustainable. The correction is supported by the red cloud the pair has entered and the pressures from its upper boundary spilling flatness into the motion. The rate is also facing the 100-week SMA at 88.12, which could be another driver for a ranging market. A soar is therefore likely to be cut by 88.12/89.91 and ground is set at 85.75 for now.
© Dukascopy Bank SA
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