CAD/JPY 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Trading range of CAD/JPY started to narrow in mid-October, following an unsuccessful attempt of the currency pair to surpass 95.90 and a subsequent recovery from 92.90 (it may become the final target in case of a break-out to the downside). At the moment, however, the currency pair is hovering in proximity to the upper trend-line that creates strong resistance at 97.55. Accordingly, there is a high possibility of a sell-off from here down to the lower edge of the pattern at 95.85, where it merges with the 200-period SMA and the weekly S2 level. This idea is also shared by he majority of SWFX traders, 71% of whom are currently holding short positions on CAD/JPY.
© Dukascopy Bank SA
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