Trade of the Day: CAD/JPY

By: Dima Chernovolov

CAD/JPY today broke the 15-minute Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 6-bar level – which is the result of the low Initial Trend (1 bars), significant Uniformity (8 bars) and near-maximum Clarity (10 bars). CAD/JPY is expected to rise toward the forecast price 103.46.

As can be seen from the weekly CAD/JPY chart below – the pair earlier reversed up from the major support area located between the pivotal support level 102.60 (former resistance from the start of 2022), lower weekly Bollinger Band and 38.2% Fibonacci correction of the upward impulse from the start of 2022. The proximity of this support area and the strong weekly uptrend increase the probability CAD/JPY will continue to rise toward the forecast price 103.46.