CAD/JPY has recently completed the extended Down Channel chart pattern identified by Autochartist on the 240-minute charts. The length of the pattern is equal to 114 candles. The overall Quality of this chart pattern is measured at the 8 bar level which reflects the following values of the contributing Quality indicators: maximum Initial Trend (10 bars), above average Uniformity (6 bars) and high Clarity (9 bars). The maximum Initial Trend corresponds to the sharp preceding daily upward price impulse from the major support at 72.00. The pair has recently broken through the upper resistance trendline of this Down Channel and is expected to rise further in the direction of the Forecast Area set between price levels 75.14 and 76.66.
As can be seen from the following 30-minute Key Levels chart for CAD/JPY, the Breakout of the upper Down Channel coincided with the Breakout through the horizontal Resistance price level 74.1820, identified previously by Autochartist. The Breakout of this Resistance increases the chances of the follow-through buying of this pair in the nearest time.
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Daily Forex Update: CAD/JPY
Published 11/28/2011, 09:09 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/JPY
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