CAD/JPY 4H Chart: Reveals new junior pattern

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Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate ⇗ ⇗ ⇘

[ANNOUNCE] The Canadian Dollar has strengthened against the Japanese Yen since late June. This upside movement has sent the pair to move from the lower boundary of a medium-term ascending pattern to its upper line and the weekly pivot point located near the 85.06 mark.[/ANNOUNCE]

During this period of surged, the exchange rate price has moved past the 55-, 100-, and 200– hour SMAs. 

Technical indicators suggest that the bullish sentiment is likely to continue during the following trading sessions. If this bullish momentum continues, a breakout through the upper boundary of a channel down could be expected within the coming days.  

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