CAD/JPY 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 4 months CAD/JPY currency pair has been depreciating, and formed a descending triangle pattern. At the moment of writing, the price stood around 93.65, just 57 and 140 pips below the pattern's resistance and 200-bar SMA, respectively. While aggregate technical indicators are sending either "neutral" or "sell" signals, and the market sentiment is strongly bearish (74%), we assume that bears will push the pair lower towards pattern's lower trend line. In addition to that, trading volume is decreasing, reinforcing a view not later than on September 13 we will see a breakout, which will make the pair highly attractive for trading.
© Dukascopy Bank SA
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