CAD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last five days the currency pair has been recovering and at the same time forming a bullish channel. Accordingly, the outlook should be positive, especially considering that most of the technical indicators on the hourly and four-hour time-frames are pointing upwards.
However, there are also arguments against continuation of the rally. Since the beginning of April CAD/JPY has been trapped between 92.50 and 94, and the exchange rate has already reached the upper boundary of this range. This means that the Canadian Dollar may prove to be unable to sustain the momentum, and instead of crossing 94 it will bounce towards the support at 92.50.
© Dukascopy Bank SA
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