CAD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Only 24 hours ago CAD/JPY fluctuated within the boundaries implied by the 80-bar long rising wedge pattern. However, the currency pair has already managed to break out of it to the downside and reach the initial target of 98.21. And even though the price has covered more than 100 pips since the breach of the up-trend, the bullish momentum still appears to be present. If the sell-off persists and the support at 97.72 gives in, the rate will be expected to fall down to the 200-period SMA at 97.11. Further depreciation of the loonie is unlikely, but the decline may nonetheless extend down to the base of the pattern at 96.62 before commencing a recovery.
© Dukascopy Bank SA
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