CAD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since November 15 the pair has been trading in the upper part of the channel up pattern. Nevertheless, on December 3 bullish impetus ran out of steam and the pair plunged to pattern's support line. However, together with a 200-period SMA they represent a strong support. At the time being the pair is still likely to resume its rally, as majority of technical indicators on three different timeframes is sending "buy" signals. Hence, long traders could focus first of all on the recent high at 97.286, while the key level in a short-term is located around 97.542/662, where bulls will experience difficulties from a weekly R1, Bollinger band, daily R2 and pattern's resistance.
© Dukascopy Bank SA
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