We have recently identified the Clear Down Channel on the daily CAD/JPY charts. The overall Quality of this chart pattern is measured at the 6 bar level as a result of the below-average Initial Trend (rated at the 4 bar level), higher Uniformity (5 bars) and near maximum Clarity (9 bars). This Down Channel continues the preceding sharp daily upward price impulse from the major support at 72.00 (which had also previously stopped and reversed the strong downtrend at the end of 2008, as is shown on the second chart below).
The bottom of this chart pattern (point D on the chart below) formed when the pair reversed up from the strong support area lying at the intersection of the long-term support at 79.00 as well as the 50% Fibonacci Retracement of the preceding upward price impulse from the November of 2011. The pair is expected to rise further toward the upper resistance trendline of this chart pattern in the coming sessions.
The following weekly CAD/JPY chart shows the previous price action close to the major support at 79.00:
CAD/JPY" title="CAD/JPY" width="598" height="558">
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Clear Down Channel Identified On Daily CAD/JPY Charts
Published 05/14/2012, 02:45 AM
Updated 03/09/2019, 08:30 AM
Clear Down Channel Identified On Daily CAD/JPY Charts
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