CAD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched a 10-week high in the very beginning of December, the Canadian Dollar commenced a decline versus the Japanese Yen. The pair was mostly bearish during almost 85 hours but now it seems to have regained strength as CAD/JPY has recently breached the pattern's resistance and surpassed its 50-hour SMA; this move may be signs of a breakout. However, according to technical data, the pair is not likely to advance further that is the sign that the breakout may have been false; technical indicators are sending bearish signals for short and medium terms.
© Dukascopy Bank SA
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