Daily Forex Update: CAD/JPY
By: Dima Chernovolov
CAD/JPY continues to rise inside the Clear Down Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 6-bar level – which reflects the above-average Initial Trend (6 bars), lower Uniformity ( 4 bars) and significant Clarity (7 bars). CAD/JPY is expected to rise further in the direction of the upper resistance trendline of this Down Channel.
As can be seen from the daily CAD/JPY chart below, the bottom of this Down Channel formed when the pair reversed form the support zone lying between the strong support level 76.00 (monthly low from June) and the lower daily Bollinger Band. The proximity of this support zone adds to the likelihood CAD/JPY will continue to rise inside this Down Channel.
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