CAD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
CAD/JPY is likely to preserve the current upward momentum, as the rally from 93 is not seen as correctional any more. The currency pair advanced well past the 61.8% Fibonacci retracement of Oct 9-16 sell-off and it is thus expected to keep moving further north. In the very near term we should be wary of a potential pull-back. The pair has just hit the upper trend-line of the bullish channel and should therefore retreat some 50-100 pips before developing yet another bullish wave. Meanwhile, the sentiment of the market is distinctly bearish—as many as 65% of open positions are short, and a majority of the technical indicators is giving a ‘sell' signal.
© Dukascopy Bank SA
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