CAD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a nine-month high of 99.23 in the last day of 2013 provoked a sharp retreat of the Canadian Dollar versus the Japanese Yen; the plunge has been developing within the limits of the channel down pattern that trapped the pair 325-hour ago.
Last Monday the pair dived to a two-month low that alleviated the downside pressure thus helping CAD/JPY to pare losses and attain the pattern's resistance, near which it is currently fluctuating. Meanwhile, market players are divided on the future prospects of the pair, whereas technical indicators are sending bearish signals.
© Dukascopy Bank SA
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