As you can see from the following trade opportunity alert for CAD/JPY, the pair is expected to fall to the target level 92.02 in the next 10 hours. This target level (point A on the chart below) corresponds to the last upward reversal point of the lower support trendline of the Descending Triangle chart pattern identified by on the 4-hour CAD/JPY charts (which is still being formed). The stop level for this bearish forecast is set at 93.547 (point B, which is the last downward reversal point of the aforementioned Descending Triangle). The pair has previously turned down from the major long-term resistance level 94.50 which reversed the pair sharply down in April of 2010. The downward sloping moving average adds to the probability that this currency pair will fall to 92.02 in 10 hours.
CAD/JPY" title="CAD/JPY" width="600" height="337">
The following weekly CAD/JPY chart shows the previous price action close to the major resistance level 94.50:
CAD/JPY Weekly" title="CAD/JPY Weekly" width="595" height="621">
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Daily Forex Update: CAD/JPY Expected To Fall To Target Level
Published 02/20/2013, 04:20 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/JPY Expected To Fall To Target Level
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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.
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