Daily Forex Update: CAD/JPY

By: Dima Chernovolov

CAD/JPY continues to fall inside the daily Falling Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which reflects the slow Initial Trend (1 bar), and strong Uniformity and Clarity (both rated at the 8 bar level). CAD/JPY is expected to fall further inside this Falling Wedge – in line with the recent breakout of the strong support level shown below

As can be seen from the daily CAD/JPY below, the pair earlier broke though the pivotal, multi-month support level 83.80 (which has been steadily reversing the price from the start of July). This price level is acting as a strong resistance after it was broken. The strength of the active daily impulse wave and the proximity of this resistance level increase the probability CAD/JPY will continue to fall inside this Falling Wedge.

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