CAD/JPY continues to advance inside the Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 7 bar level as a result of the average Initial Trend (measured at the 5 bar level) and substantial Uniformity and Clarity (both rated at the 8 bar level). Near maximum Clarity and Uniformity describe the well-formed Triangle chart pattern with high visibility to the market participants. This chart pattern continues the preceding upward price impulse from the strong support at 72.00, which had previously reversed strong downtrend in the end of 2008 (as is shown on the second chart below). The price has recently reversed up (at point D) from the 61,2% Fibonacci Retracement of the preceding upward price impulse (from C to B) and is expected to rise further in the nearest time.
The following weekly CAD/JPY shows previous price action close to the major support 72.00:
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Daily Forex Update: CAD/JPY
Published 12/22/2011, 07:47 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: CAD/JPY
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