CAD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After tumbling below its 200-hour SMA and hitting a two-week low of 93.18, CAD/JPY started swinging between two upward-sloping lines. Now the pair is trading near the pattern's support at 93.74 that, if broken, may provoke a sharp fall towards the next support level at 93.35.
At the same time, if the pair bounces off the pattern's resistance, it may rally until the strong resistance that now sits at 200-hour SMA at 94.17. Technical indicators also support bullish outlook in the short run but are neutral about longer time frame.
© Dukascopy Bank SA
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