CAD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The distinct upside trend was observable on the CAD/JPY four-hour chart since early November. The currency pair performed a rise within a tunnel of two upward sloping parallel lines-in the boundaries of the 238-bar long channel up pattern.
After a recent stab to a seven-month high, the pair came under a heavy selling pressure and dived below its 50-bar SMA; however, the Canadian Dollar is likely to halt its decline against the Japanese Yen before long as 78.26% of market participants are bullish on the pair.
© Dukascopy Bank SA
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