CAD/JPY 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 176-bar long triangle was formed by CAD/JPY on a 4H chart. The pattern, however, is moving to its apex as both trend lines will converge on March 3, while the pair is already trading below the lower boundary. At the moment of writing almost 66% of traders were holding short positions, supporting the case of pair's depreciation. Moreover, from the upside the pair is facing a strong resistance represented by pattern's upper boundary and a 200-period SMA that both were limiting pair's appreciation recently. Technical indicators also support bearish outlook, hence, next key support is located at a weekly S1 at 91.346. In case it is breached, 90.814 will be put on the map.
© Dukascopy Bank SA
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