Daily Forex Update: CAD/JPY
By: Dima Chernovolov
CAD/JPY continues to rise inside the 15-minute Rising Wedge which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (3 bars), lower Uniformity (3 bars) and strong Clarity (10 bars). CAD/JPY is expected to rise further inside this Rising Wedge – in line with the earlier upward reversal from the support area shown below.
As can be seen from the daily CAD/JPY chart below, the pair earlier reversed up sharply from the combined support area lying between the key support 84.00 (which has been reversing the price form the middle of August) and the lower daily Bollinger Band. The proximity of this support area increases the probability CAD/JPY will continue to rise inside this Rising Wedge.
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