Daily Forex Update: CAD/JPY
By: Dima Chernovolov
CAD/JPY continues to rise after the recent breakout of the 30-minute Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which reflects the above-average Initial Trend and Uniformity (6 bars) and higher Uniformity (7 bars). CAD/JPY is expected to rise toward the forecast price 82.73 – in line with the earlier upward reversal from the major support zone shown below.
As can be seen from the weekly CAD/JPY below, the pair recently reversed up with the weekly Hammer from the strong support zone lying between the long-term support level 76.60 (which reversed the price multiple times in 2016) and the lower weekly Bollinger Band. The proximity of this support area increases the probability CAD/JPY will continue to rise toward the forecast price 82.73.
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