CAD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY failed to break any patterns amid rising market uncertainty, steadily maintaining its track inside the channel up pattern. The pair is moving towards the upper trend-line of the pattern around 86.98 with some supply pressures around 86.11 bound to put up a battle on the way. Any potential losses are likely to be cut by 84.89/74, while April highs at 88.86 will limit an extensive surge, with more directional risk at 93.12, representing the November 2015 high. In case of a break below the channel lines, the ultimate ground for now could lie at 82.46, which corresponds to July lows with 75.60 being the very low of the current motion.
© Dukascopy Bank SA
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