| May 23, 2013 10:37AM GMT |
continues to fall inside the Flag chart pattern identified by Autochartist on the daily charts, as you can see from the following trade opportunity alert that I received today for this currency pair. The pair is expected to fall further toward the target level 96.27 in the following 7 trading days. The stop-level for this bearish forecast is set by Autochartist at 100.975 (point B, which is the top of this Flag). This level formed when the pair reversed down from the resistance level 101.00. The pair is set to fall further toward the target level 96.27, which is also indicated by the Volatility Analysis shown below.
As you can see from the following Volatility Analysis chart for CAD/JPY
, all of the daily Expected Price Range (EPR) calculated by Autochartist for this pair (from 100.2143 to 98.3627) stands below the aforementioned resistance level 101.00, while the lower boundary of the EPR (98.3627) is located below the projected value of the lower support trendline of this Flag – which suggests that it might soon be broken, which should accelerate the downward movement toward the target level 96.27 in the next 7 trading days.
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