By: Dima Chernovolov
CAD/JPY continues to rise inside the 30-minute Rising Wedge chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7-bar level – which reflects the slow Initial Trend (3 bars) and strong Uniformity and Clarity (8 bars). CAD/JPY is expected to rise further inside this Rising Wedge.
As can be seen from the daily CAD/JPY chart below – the price earlier broke through the multiple consecutive resistnace levels – 100.00,101.00 and 102.00. All of these levels are acting as the underpinning support levels for this currency pair. The proximity of these support levels the clear daily uptrend increase the probability CAD/JPY will continue to rise inside this chart pattern.