CAD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Thanks to the strong support around 92.76 CAD/JPY managed to change the direction of the trend. This is evidenced by the pair forming a bullish channel. At the moment the pair is trading below the 97 mark and it is on its way to approach the pattern's support; however, for now the 100-period SMA and weekly PP at 96.52/48 seems a legitimate support. The near-term outlook appears to be neutral, as the technical studies point sideways. Nonetheless, the SWFX traders are sceptical on further pair's appreciation, as 64.33% of them expect a decline to come into play. Thus, we might start to expect a bearish break-out below the 96 level.
© Dukascopy Bank SA
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