CAD/JPY recently completed the Triangle chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is measured at the 3 bar level as a result of the low Initial Trend and Clarity (rated at the 2 bar level) and significant Uniformity (6 bars). The completion of this Triangle continues the strong downtrend visible on the daily and the weekly CAD/JPY charts. The pair is expected to fall further toward the Forecast Price 77.19, which is also confirmed by the Key Level analysis shown below.
As can be seen from the following Key Levels chart, Autochartist has also recently identified the Key Support Level 77.3050 (of the Type Approach) on the 4-hour CAD/JPY charts. This Key Level nearly coincides with the Forecast Price calculated for the above Triangle breakout (77.19), which heightens the likelihood that CAD/JPY will reach this Forecast Price in the nearest time.
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CAD/JPY Completely Triangle Chart Pattern On 4-Hour Charts
Published 07/23/2012, 03:37 AM
Updated 03/09/2019, 08:30 AM
CAD/JPY Completely Triangle Chart Pattern On 4-Hour Charts
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