CAD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A one-week long retreat of CAD/JPY started at a seven-month high of 96.23 reached in the very beginning of July.
Recently, the currency pair has touched a three-week low of 94.30 that lies slightly below the lower boundary of the corridor. However, at the moment, the instrument is trading within the pattern's trend-line, albeit it is still sitting very close to the lower limit of the formation. In the hours to come, the pair is likely to increase the distance from the pattern's support line as almost two-thirds of traders on the SWFX are bullish on the instrument. Meanwhile, technical data belies traders' view by sending a clear ‘sell' signal for the medium-term.
© Dukascopy Bank SA
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