Daily Forex Update: CAD/JPY

By: Dima Chernovolov

CAD/JPY continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the -bar level – which is the result of the maximum Initial Trend (10 bars), above-average Uniformity (6 bars) and strong Clarity (10 bars). CAD/JPY is expected to rise further inside this Up Channel – in line with the earlier breakout of the key resistance level shown below.

As can be seen from the daily CAD/JPY below, the price previously broke sharply through the key resistance level 83.80 (former strong support from December and September of 2018) – which reversed the price twice from the start of this month. This price level is acting as strong support after it was broken. The proximity of this support level increases the probability CAD/JPY will continue to rise inside this Up Channel.

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