Trade of the Day: CAD/JPY
By: Dima Chernovolov
CAD/JPY continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the below-average Initial Trend (4 bars), medium Uniformity (5 bars) and significant Clarity (7 bars). CAD/JPY is expected to continue to rise inside this Up Channel.
As can be seen from the daily CAD/JPY chart below – the price earlier reversed up from the support area located between the support level 86.5 (previous minor low from the end of August) and the 38.2% Fibonacci correction of the upward impulse (1) from last month. The proximity of this support area adds to the probability CAD/JPY will continue to rise inside this Up Channel.