Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Daily Forex Update: CAD/JPY

Published 08/09/2017, 06:03 AM
Updated 03/09/2019, 08:30 AM

CAD/JPY continues to fall after the earlier breakout of the daily Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 7 bar level – which reflects the average Initial Trend (5 bars), lower Uniformity (4 bars) and maximum Clarity (10 bar). CAD/JPY is expected to continue to fall toward the forecast price 86.38 – in line with the earlier downward reversal from the resistance zone shown below.

CADJPY 30 Candles

As can be seen from the weekly CAD/JPY chart below, the the top of this Rising Wedge formed when the price reversed down from the powerful resistance zone lying between the major resistance level 88.70 (which reversed the price twice in 2016), upper weekly Bollinger Band and the 50% Fibonacci retracement of the downward impulse from 2015. The proximity of this resistance zone increases the probability CAD/JPY will soon reach the forecast price 86.38.

CADJPY 1 Week

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.