Daily Forex Update: CAD/JPY

Published 02/03/2012, 06:34 AM
Updated 03/09/2019, 08:30 AM
CAD/JPY
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GUID
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CAD/JPY continues to decline inside the Rising Wedge chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 6 bar level as a result of the strong Initial Trend (rated at the 8 bar level), average Uniformity (5 bars) and lower Clarity (4 bars). This Rising Wedge continues the prevailing downtrend visible on the daily CAD/JPY charts. Both of the connecting points of the upper resistance trendline of this Rising Wedge (points A and B on the chart below) formed when the pair reversed down from the previous strong support and now resistance level 77.00. The pair is expected to fall further toward the lower support trendline of this chart pattern.

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As can be seen from the following PowerStats chart, the lower boundary of the daily Expected Price Range for CAD/JPY for tomorrow (75.5563) stands at the lower support trendline of this Rising Wedge, which adds to the probability that this currency pair will fall further tomorrow.

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