CAD/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Band SA
© Dukascopy Band SA
CAD/JPY remained close to half-year highs of 88.66 and is now attempting to launch a new attack at the area. The pair has, however, sketched a rising wedge on the way, meaning that a soar above the aforementioned region is farfetched. With the wedge being a bearish pattern, we will look for additional tests of the bottom boundary at 87.75. The boundary is strengthened by the weekly R2 and will open the way to 87.55, which is also a reasonable area for a retracement to be formed.
© Dukascopy Band SA
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